Philippines hopes to receive 250,000 bpd of Iranian oil for new refinery

May 14, 2017

TEHRAN- The Philippines is going to build a refinery with the refining capacity of 400,000 barrels per day (bpd) of oil and in this due the country hopes to receive 250,000 bpd of crude from Iran, Shana quoted a Pilipino oil official as saying on Saturday.

Pedro A. Aquino, a board members of Philippine’s PNOC Exploration Corporation (PNOC EC), said: “According to an agreement we have reached with the National Iranian Oil Company (NIOC), the Iranian company will supply some part of oil to this refinery.”
The refinery is projected to be built and put into operation within the next three years, he announced.
He also informed about the negotiation his company has conducted with NIOC on building a two-million ton capacity LNG plant in Iran.
On May 8, NIOC and PNOC EC signed a memorandum of understanding (MOU) based on which the Pilipino company was awarded the study of two Iranian oil fields.
According to the MOU, which was signed in Tehran by Gholamreza Manouchehri, the deputy managing director of NIOC, and Pedro A. Aquino, PNOC EC is to conduct preliminary studies on Pazanan field and phase 3 of Darkhovin field in southwest Iran.
PNOC EC is the upstream oil, gas and coal subsidiary of the state-owned Philippine National Oil Company.

MA/MG

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