THE PHILIPPINES is “ready and open” for major foreign oil companies, including Abu Dhabi National Oil Co. (ADNOC), seeking to expand their presence in the country, Trade Secretary Ma. Cristina A. Roque said, citing deregulation rules that allow full foreign ownership in parts of the energy business.
In a statement on Wednesday, Ms. Roque noted that Republic Act 8479 or the Downstream Oil Industry Deregulation Act, allows 100% foreign ownership in refining and distribution.
ADNOC is a state-owned oil company of Abu Dhabi and one of the largest oil companies by production in the world.
“ADNOC shared plans to update a proposed PHL–UAE supply agreement and the establishment of a strategic petroleum depot in Subic or La Union, aimed at enhancing the Philippines’ energy security and supply resilience,” the DTI said in a separate social media post on Wednesday.
The Philippines signed a Comprehensive Economic Partnership Agreement with the UAE, which is expected to raise Philippine exports to the Gulf state by 9.13% and expand access for professionals and businesses.
Ms. Roque and Finance Secretary Frederick D. Go met UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, who also chairs ADNOC.
“Our engagement with ADNOC is part of the Philippines’ continuous efforts to secure a reliable, affordable, and competitive energy supply,” Mr. Go said.
“Through the Philippines–UAE CEPA, we seek to build long-term partnerships with UAE companies that will strengthen energy security and expand opportunities for Filipino workers and businesses,” he added.
ADNOC operates a Philippine logistics arm supporting the country’s first LNG import terminal in Batangas.
ADNOC has participated in spot tenders with Philippine energy groups like First Gen and San Miguel, which the Philippine government is pushing to expand to longer‑term and aggregated supply deals.
“In April 2022, ADNOC Logistics & Services and AG&P signed a long-term charter agreement for the Floating Storage Unit ISH, which supports the country’s first LNG import terminal in Batangas Bay,” it added. — Aubrey Rose A. Inosante