Belgian firm proposes Philippine refinery and oil depot
Senator Erwin Tulfo said Brightside Industries Group, LLC had indicated the project would need no Philippine public funds.
Brightside Industries Group, LLC has signalled interest in developing a Philippine oil refinery and depot, according to Erwin Tulfo, who chairs the Senate Committee on Energy. The Belgium-based firm outlined its interest in a letter to the senator.
Tulfo said the company indicated that Philippine public funds would not be needed for the project. Negotiations would require the firm to coordinate with the Department of Energy (DOE), he said.
The senator said having more refineries and depots could help the Philippines maintain sufficient oil supplies during conflict in the Middle East. He likened Brightside's proposal to a plan from Abu Dhabi National Oil Company (ADNOC).
After discussions with ADNOC, the DOE had said it was weighing a larger location in Zamboanga for a planned oil storage facility with capacity of up to 50 million barrels.
The Philippine government is encouraging overseas companies to develop storage facilities as part of its effort to make the country an Asian hub for oil storage.
