PNOC stores 329,000 barrels of diesel in Subic Bay

Subic Bay Freeport — The Philippine National Oil Company (PNOC), a government-owned and controlled corporation (GOCC), utilized the Subic Freeport to store 329,505 barrels of diesel to help alleviate the country’s oil crisis.

According to Subic Bay Metropolitan Authority (SBMA) Senior Deputy Administrator for Port Operations Ronnie Yambao, the shipment of PNOC's 329,505 barrels—or 44,119 metric tons—of diesel arrived at Subic Freeport on April 10, with the Philippine Coastal Storage and Pipeline Corporation (PCSPC) serving as the storage area for the shipment.

He added that as of 30 March, the Bureau of Internal Revenue (BIR) issued a special permit to the PNOC Exploration Corporation (PNOC-EC) to fast-track the emergency importation of petroleum products, including diesel, to stabilize the nation’s energy supply.

"The special permit is designed to bypass standard bureaucratic and customs delays to immediately import fuel," he said.

The PNOC Exploration Corporation is set to procure a total of two million barrels of oil and 22,000 metric tons of LPG to build a national buffer stock, aiming to mitigate price volatility and secure supply.

These emergency stocks, which represent about 10 days of additional fuel and strengthen LPG reserves, are being secured in response to disruptions in the Middle East markets.

Subic Bay Freeport, home to the PCSPC—the largest petroleum product import storage facility in the Philippines—can store a significant portion of the national buffer stock. The facility currently has a storage capacity of approximately 6.3 million barrels (roughly one billion liters) of fuel.

Occupying about 160 hectares, it accounts for 20% of the total fuel storage capacity in the Philippines. The depot is spread across the Boton and Maritan Hill areas within the Freeport.

The facility utilizes the infrastructure of the former U.S. Naval Base Subic Bay. At its peak during the Vietnam War, the site handled the largest volume of fuel oil of any U.S. naval facility in the world.

It serves as a critical hub for storing and distributing various fuel products—including diesel, gasoline, and jet fuel—to major regions such as Metro Manila, Central Luzon, and Northern Luzon.