PNOC eyes national oil reserve program

State-owned Philippine National Oil Co. is mulling over a national oil reserve program involving all oil companies to secure the country’s requirements during disasters, atrocities or fuel shortages.

PNOC president Ruben Lista told reporters the company was looking at the issuance of a law that would require oil companies to allocate a certain percentage of their oil stocks as “national reserves.”

Lista said PNOC was proposing a similar set-up implemented by the Dutch government.

“We are studying the model of Rotterdam… In their model, the government is not involved in stockpiling but they require all of their oil players… If this is their depot, there is a percentage in the depot reserved for national emergency,” Lista said.