Philippines Coastal Storage & Pipeline Corporation Technical Due Diligence

Philippines Coastal Storage & Pipeline Corporation (PCSPC) operates the petroleum storage and pipeline facilities of the former US military bases, namely Subic Bay Naval Base and Clark Air Force Base. When the US military pulled out in 1992, the Philippine Government took over and established the Subic Bay Metropolitan Authority (SBMA) and the Clark Development Corporation (CDC). The petroleum product facilities were leased out by the Government in 1993 to Coastal Subic Bay Terminal Inc. (CSBTI) for 25 years. In April 2004, PCSPC took over the lease from CSBTI and in May 2011, PCSPC was granted a lease extension of 25 years or until March 2043 with an option to renew for another 15 years.

PCSPC’s Subic facility includes 30 aboveground and 42 underground storage tanks, providing safe and cost-effective storage and handling of petroleum and petroleum-related products. The marine terminal, known as the POL (petroleum, oil, and lubricants) pier, occupies an area of 7.2 hectares and includes two jetties complete with marine loading arms and stations for berthing to discharge and load various grades of petroleum products. The terminal also features a petroleum laboratory and a total of seven loading gantries to accommodate the distribution of petroleum and related products via tank trucks.

Driving Change

Infravue was engaged by I Squared Capital to support a buyside Technical Due Diligence of the portfolio, focusing on the design, integrity, O&M and business planning for storage the assets into the future.
In 2021, our team members also acted as the Vendor’s Technical Due Diligence advisor for Macquarie Asset Management.