"I had some discussions with unidentified Middle Eastern countries to explore the possibility of using Subic Bay as their regional storage facility for their own crude oil. The concept is that rather than sending very large crude carrier or ultra large crude carrier they can unload them in Subic Bay and bring them down into small carriers that can enter smaller ports," Energy Secretary Vincent S. Perez said yesterday.
Perez said this idea will be good for the Philippines and would not pose any problem in terms of national security for the country. "It is actually good for the Philippines to host a regional stockpile because it gives us access to crude oil or oil products within our own shores. So not having to be vulnerable to any oil supply constraints either from the middle east . . . from Hormuz (between Iran and Qatar in the Persian gulf) or the Malacca straits. Those are the two choke points of oil from the Middle East to Asia," he said. "Hosting the regional oil stockpile . . .gives the Philippines, a unique strategic access to oil if and when we need it."
He said they are still working out any possible conflict with the existing tenant of the proposed area. Discussion are also being held between the DOE and Coastal’s Subic Bay Distribution Inc., Perez said.
At present, he said the SBDI has a lot of underutilized storage capacity. In terms of safety, Perez said, these tanks were built underground so they are safe and secured. And there is already a jetty so it is very easy for ships to load and unload. Also there is an underground pipeline between Subic to Clark that will allow the oil depot to fuel any fleet of aircraft that may wish to use Clark as a emergency evacuation center," he added.
The proposal, he said, cropped up during the 8th International Energy Forum (IEF) held recently in Osaka, Japan which was attended by at least 60 oil energy ministers from around the world.