The Philippines plans to create a national oil reserve by the end of 2027 and is also working with Japanese agencies to study the feasibility of establishing a regional stockpiling location in the Philippines,, Energy Secretary Sharon Garin said on Thursday.
This followed a meeting of the Asia Zero Emission Community (AZEC) headed by Japan, which resulted in a work program to help participating countries strengthen their ability to respond to supply shocks.
Kei Takagi, Japan’s deputy minister of economy, trade and industry, said: "A major outcome was the promotion of cooperation to strengthen oil stockpiling in Asia.”
"Building on these efforts, today we agreed on a work program setting out the direction of our future efforts, including developing both institutions and the infrastructure for stockpiling in Asia, cooperating with oil-producing countries, and coordinating our responses in emergencies," he added.
AZEC comprises Japan, Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
At the sidelines of the AZEC meeting, Garin and Japanese Minister of Economy, Trade and Industry, Ryosei Akazawa, also signed a nuclear power memorandum of cooperation.
Under the pact, both countries will establish a working group to identify priority activities, monitor progress and facilitate technical exchanges.
The Energy department said the cooperation would cover nuclear technologies and also safety and emergency preparedness.
“As we prepare to introduce nuclear energy into our power mix, 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.
