Philippines, AZEC strengthen regional oil stockpiling push

MANILA, Philippines — Hormuz-dependent Philippines is helping advance the Asia Zero Emission Community (AZEC)’s push to strengthen oil stockpiling systems across the region.

Energy Secretary Sharon Garin said AZEC member countries adopted a ministerial work program aimed at strengthening oil stockpiling, supporting closer cooperation and capacity building in oil reserve management.

The initiative is intended to help participating countries improve their ability to respond to potential supply disruptions.

“For the Philippines, this cooperation is particularly important given our dependence on imported petroleum,” Garin told a press conference following the 4th AZEC Ministerial Meeting yesterday.

Strengthening the region’s oil stockpiling capabilities would help countries better prepare for supply emergencies and manage the impact of disruptions in global markets, she said.

The Philippines co-chaired this year’s AZEC meeting with Japan. The 11-member bloc also includes Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Singapore, Thailand and Vietnam.

Kei Takagi, state minister of Japan’s Ministry of Economy, Trade and Industry (METI), said Saudi Arabia and the United Arab Emirates expressed willingness to support AZEC countries in bolstering their oil stockpiling systems.

The AZEC work program also covers efforts to develop infrastructure across Asia, strengthen cooperation with oil-producing countries and coordinate responses during emergencies, he said.

On the sidelines of the AZEC meeting, the Philippines and Japan also signed a memorandum of cooperation to strengthen Manila’s preparations for nuclear power development.

The agreement, signed by Garin and METI Minister Ryosei Akazawa, will establish a joint working group to identify priority areas for cooperation, monitor progress and facilitate technical exchanges.

“Japan’s experience will help us strengthen our technical capabilities, regulatory preparedness and public confidence in the safe and responsible development of nuclear energy,” Garin said.