Sources privy to the ongoing talks between the oil companies and the City of Manila said the oil majors are convincing the city councilors to accept a proposal to build a theme park on the buffer zone.
According to the sources, the idea conforms with the City’s Urban Renewal Program being pushed by Mayor Lito Atienza.
Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc. have been occupying a huge portion of the Pandacan area for over 90 years now. But due to the Sept. 11 terrorist attack on the US, the city government of Manila had raised concerns over the existence of an oil depot in the area.
The residents living around the area have expressed fears that the oil facility will be a prime target for terrorists since it is near Malacañang, the official residence of the country’s Chief Executive.
The City of Manila has given the oil firms up to the end of this month to transfer the oil terminal to another location.
The oil companies, however, argued that the relocation will involve a huge amount of investment which they are not ready yet to pour in given the weak economic condition of the country.
Instead, the oil firms, along with the DOE and an international risk assessment group, EQE, have been convincing the Manila Council that they would be adopting a "green zone" around the area to distance the residents from the facility.
This concept provides that the three oil companies should slowly scale down their operations in the oil depot by shutting down some of its facilities.
Based on the risk assessment results of the US-based EQE, the facility has passed all the safety standards and does not pose any threat to the nearby residential area.
The results of the study also showed that Pandacan risk environment is manageable and is well withint acceptable standards in similar facilities in Europe. The construction of a green buffer zone will achieve the dual purpose of widening the distance between the terminal and the public at large, while the same time offering a green belt for families and children to use as a recreational area covering nearly two kilometers.