WITH the rich oil resources in Mindanao, an oil depot and refinery is eyed to be constructed in the island, an official said.
Department of Energy (DOE)-Energy and Planning Bureau officer Michael O. Sinocruz underscored the importance of utilizing rich oil resources in Mindanao to help address the current energy issue in the country.
“We actually saw that there is a rich oil deposit in Mindanao and this can be used for future energy security),” Sinocruz said in an interview on Thursday, October 25, during the Mindanao Energy Plan 2018 public consultation at The Royal Mandaya Hotel, Davao City.
Based from Mindanao Development Authority (Minda) reports, Polloc Port in Parang, Maguindanao has been drawing interests from potential local and foreign investors as possible site for the oil depot and refinery.
“But the oil companies will have the last say on where the oil depot will be constructed,” Sinocruz said.
The energy officer added DOE, as a government agency, will only serve as medium in endorsing the approval of the oil depot brought upon by the high oil demand in the market.
Sinocruz said so far, no private oil company has committed their interest in pursuing any investments with the energy department.
“That’s why with the help of Minda, this idea must be promoted in order to invite business players along the way,” Sinocruz said.