Garin: Middle East oil firms eye investing in PH

MANILA, Philippines — Industry players from the Middle East have signified interest in investing in the Philippines’ oil storage facilities, Energy Secretary Sharon Garin said on Thursday.

“They’re willing to store their crude oil, for example, in the Philippines,” she said. “They can bring in the product or they can even invest in the infrastructure.”

Garin said some companies even proposed “to give preference to the country if there’s any crisis going on around the world.”

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She said she had directed the Philippine National Oil Co. to speed up the process, as the government targets to build one tank before June 2028.

Meanwhile fuel products may have a fresh round of upward adjustments next week, with Jetti Petroleum saying diesel prices could increase by P3.75 to P4.25 per liter, and gasoline, by P2.50 to P3 per liter.

“Diesel and gasoline prices surged as diplomatic efforts to reopen and normalize transit through the Strait of Hormuz have stalled, and the continued decline of global product inventories due to refinery output disruptions is keeping markets tighter than crude,” the Filipino-owned oil company said. /cb