Philippines, AZEC strengthen regional oil stockpiling push

Manila, Philippines - In a bid to bolster its oil security, the Philippines is actively supporting the Asia Zero Emission Community (AZEC) in their initiative to enhance regional oil stockpiling systems. Energy Secretary Sharon Garin revealed that AZEC member nations have agreed upon a ministerial work program targeting improved oil reserve management, closer cooperation, and capacity building.

This initiative aims to enhance the region's capacity to handle potential supply disruptions. Garin emphasized the significance of this cooperation for the Philippines, given its heavy reliance on imported petroleum. The Philippines co-chaired this year's AZEC meeting with Japan, alongside 11 other countries including Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Singapore, Thailand, and Vietnam.

Japan's state minister, Kei Takagi, noted that both Saudi Arabia and the United Arab Emirates are willing to assist AZEC countries in strengthening their oil stockpiling systems. The AZEC work program also encompasses developing infrastructure across Asia, fostering cooperation with oil-producing nations, and coordinating emergency responses.

During the meeting, the Philippines and Japan signed a memorandum of cooperation aimed at preparing Manila for potential nuclear power development. The agreement, signed by Garin and METI Minister Ryosei Akazawa, establishes a joint working group to identify priorities for collaboration, monitor progress, and facilitate technical exchanges.

Garin highlighted that Japan's expertise will aid in enhancing the Philippines' technical capabilities, regulatory preparedness, and public confidence in nuclear energy safety and responsible development.