Eastern backs DoE’s oil stockpiling plan

THE Department of Energy’s (DOE) plan to put up an oil stockpiling facility has drawn support from independent oil player Eastern Petroleum Corp.

“To begin with, the government should immediately put in place the mechanisms needed and consider stockpiling, either through actual volume storage or paper placement,” Eastern Petroleum Chairman and Chief Executive Fernando Martinez said over the weekend, adding that the latter could help the government from incurring additional cost for storage.