165 million liters of oil already secured, more coming — DOE
MANILA, Philippines — Energy Secretary Sharon Garin said that the government has acquired 165 million liters of oil through the Philippine National Oil Corp. (PNOC).
In a Malacañang briefing on April 10, Garin said that the government is purchasing oil to augment the supplies of oil companies.
“In fact, ang kabuuang —165 million liters po ang ina-acquire ng PNOC. Ang target nito kasi is 318 million liters, 2 million barrels,” Garin said.
(In fact, in total — 165 million liters have been acquired by the PNOC. The target is 318 million liters, 2 million barrels.)
While she did not specify when it will arrive, Garin said that the 165 million liters are already confirmed to come. The acquired oil came from Malaysia, Singapore, India, and Oman.
The Energy Secretary said that there are many other countries where the Philippines can source oil aside from Middle Eastern suppliers.
The Philippines now has 50 days’ worth of oil in stock, instead of the usual 30 days, Garin said. She explained that this does not mean the Philippines will run out of oil in 50 days, as the figure changes depending on consumption and replenishment.
The Philippines is also sourcing its Liquefied Petroleum Gas from India, Argentina, and Canada.
Despite the Strait of Hormuz remaining open during a two-week ceasefire between the US-Israel and Iran, Garin said it is still important to diversify the country’s energy sources.
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