Director of Philippine National Oil Company (PNOC) has reported on purchase of 250 thousand barrels of crude oil from Iran aiming to supply feedstock to a new refinery complex.
The Philippines aims to construct a 400-thousand-barrel refinery and has conducted negotiations with the National Iranian Oil Company hoping to supply 250 to 260 thousand barrels of feedstock to the new complex.
Member of Board of Directors of CEO of PNOC Pedro Aquino said the purchase could take place either after the refinery in constructed or even earlier.
The official highlighted that the refinery was compatible with various types of oil including Iran’s light and heavy crude.
“The project is worth about two to three billion dollars and presently studies are being carried out to identify a suitable location for the project,” Aquino stated.
Philippines National Oil Company (PNOC), as a member of Pergas International Consortium (P.I.C), recently inked a Memorandum of Understanding (MoU) with National Iranian Oil Company on the sidelines of Iran Oil Show 2017 in Tehran. The cooperation agreement pertains to carrying out development studies in Pazanan oil field as well as the third phase of Darkhoein oilfield.