Executive Order No. 134
REQUIRING OIL COMPANIES AND
BULK SUPPLIERS TO MAINTAIN A SUFFICIENT MINIMUM INVENTORY OF PETROLEUM, FOR
PURPOSES OF ENSURING CONTINUITY, ADEQUACY AND STABILITY OF CRUDE AND FUEL
SUPPLY
WHEREAS, the
WHEREAS, the above development notwithstanding, the country is still largely
dependent on imported oil for the transportation sector;
WHEREAS, recent and prevailing domestic and International events, such as the
escalating tensions and conflicts obtaining in Middle Eastern countries, have
highlighted the need for the country to adopt and implement prudent initiatives
to ensure continuous, adequate and stable supply of petroleum products ion
response to imminent and actual threats to our petroleum supply;
WHEREAS, under the
Downstream Oil Industry Deregulation
Act of 1998 (RA 8479), in relation to the
Department of
Energy Act of 1992 (RA 7638), the
Secretary of Energy is authorized to
exercise such powers concomitant with the policy of ensuring continuous,
adequate and-stable supply of energy, In respect of the conservation,
stockpiling and storage of energy resources.
NOW, THEREFORE, I, GLORIA
MACAPAGAL-ARROYO, President of the Republic of
the
SECTION 1. All oil
companies and bulk suppliers operating in the country, shall maintain a minimum
inventory of petroleum stock in the amount sufficient to ensure a continuous,
adequate and stable supply of petroleum products should domestic and
international events, such as, but not limited to terrorist attacks, armed
conflicts in the Middle East and in other regions whence the Philippines draws
or secures its petroleum supply, threaten or restrict the supply of petroleum
to the Philippines.
SEC. 2. To comply with the
requirements under Section 1 of this Order, the
Secretary
of Energy is hereby directed to:
Ø
determine the
existence of the circumstances envisaged in Section 1 that would trigger the
application of the minimum inventory requirements; the types and mix of
petroleum products to the be stocked by the oil companies and bulk suppliers,
the appropriate levels of minimum petroleum inventory of oil companies and bulk
suppliers; and the commencement and duration of compliance by the oil companies
and bulk suppliers therewith;
Ø
promulgate
appropriate issuances, directives and orders to implement this Order; and
Ø
perform any and
all acts necessary and appropriate to carry out the purposes of this Order.
SEC. 3. Pursuant to Section 15 (b) of
Republic Act of 8479, all oil companies and bulk
suppliers shall provided the
Department of
Energy with a weekly report, under oath, of compliance with the minimum
Inventory requirement and such other matters required for the duration
specified by the
Secretary of Energy, in accordance with Section 2 hereof.
SEC. 4. All orders, issuances, rules
and regulations, or parts thereof, which are inconsistent with this Order, are
hereby repealed or modified accordingly.
SEC. 5. This Executive Order shall
take effect immediately upon its publication in a newspaper of general
circulation in the
Done
in the City of
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