Strategic oil reserve remains a priority for Philippines
Establishing a strategic petroleum reserve remains a top priority of the Philippines despite the difficulties in implementing the plan to do so, according to the Philippines’ Energy Secretary Alfonso Cusi.
Strategic oil reserve remains a priority for Philippines (Photo: //www.bworldonline.com/)
Hanoi (VNA) - Establishing a strategic petroleum reserve remains a top priority of the Philippinesdespite the difficulties in implementing the plan to do so, according to thePhilippines’ Energy Secretary Alfonso Cusi.
He stressed that the plan is not aimed at meeting the Philippines’ overall fuelneeds but will be exploited as a backup and preventive measure.
The Philippine National Oil Company (PNOC) willcontinue to accelerate the process of setting up a previously planned strategicpetroleum reserve. It has been conducting a comprehensive feasibility study forthe project after the Department of Energy (DOE) issued a document in December last year.
The PNOC is in the process of finalising the feasibility study and will giverelevant and timely notice as requested, Cusi said.
The DOE previously said that technical andbudgetary difficulties needed to be resolved in order to build a strategicpetroleum stockpile./.
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Strategic oil reserve remains a priority for Philippines (Photo: //www.bworldonline.com/) 
