State-run Philippine National Oil Co. (PNOC) and the Maharlika Investment Corp. (MIC) are targeting 2028 for the development of a strategic petroleum storage facility in Bataan to boost national fuel security.

The two entities signed a memorandum of understanding (MOU) establishing a framework to explore the development of a storage tank farm on PNOC properties in Limay and Mariveles, Bataan, which have been allocated for energy projects.

The agreement, signed by PNOC President and Chief Executive Officer Franz Josef George E. Alvarez and MIC President and Chief Executive Officer Rafael D. Consing Jr., outlines the responsibilities of both parties during the project's evaluation phase.

Under the MOU, MIC will explore engaging private-sector partners and assess possible structures for the development, financing, construction, operation, and management of the proposed storage tank farm. It will also provide regular updates on the project's progress.

PNOC, meanwhile, will provide information and data and grant reasonable access to its Bataan properties for project evaluation, subject to applicable laws, regulations, and internal approvals.

The proposed facility is envisioned as part of broader efforts to strengthen the country's energy security infrastructure by improving the availability and reliability of petroleum products and enhancing the country's ability to respond to supply disruptions.

"This MOU reflects PNOC's continuing commitment to strengthen the infrastructure foundations of Philippine energy security. Through this partnership, we are taking a careful and disciplined first step in assessing how PNOC's strategic assets in Bataan may support a more reliable, resilient, and future-ready petroleum supply system for the country," Alvarez said on Thursday.

"Energy security is national security. By exploring strategic petroleum storage capacity, MIC is helping prepare the country for supply disruptions, price volatility, and the growing energy needs of a modernizing economy," he said.