PILIPINAS Shell Petroleum Corp. said the multibillion-peso fuel import facility in Cagayan de Oro is set to be inaugurated next month to cater to the energy needs of residents, motorists and other end-users and consumers in the Visayas and Mindanao.
Shell’s P6-billion project, dubbed as the North Mindanao Import Facility (NMIF), is in line with the policy thrust of the Department of Energy (DOE) to promote investment in the energy sector and help the country secure a more sustainable energy future, Shell Philippines country chairman Edgar Chua said.
He told reporters in an interview that construction will be finished this month and the fuel terminal is set to be inaugurated in June.
The fuel import terminal project, which was owned and operated by the Philippine Ports Authority (PPA), has been virtually idle in the past couple of years after most of the cargo shifted to nearby Mindanao Container Terminal, which is being run by International Container Terminal Services Inc.
The project is designed to contribute toward two of the DOE’s directives under the Philippine Development Plan 2011-2016, which are to promote development and upgrade of the downstream infrastructure and to update the Oil Supply Contingency Plan through the establishment of an oil stockpile.
The NMIF provides an additional source point for fuels that can be distributed to depots in the Visayas and Mindanao.
The facility will contribute to increased security of energy supply as it will provide additional storage capacity of finished petroleum products. At the same time, the facility will help reduce maritime risks as a source of petroleum products is closer to the intended distribution points.