Asian countries are racing to raise their oil stockpiling capacity, complete a regional power grid and speed up renewables in response to supply risks laid bare by the Iran war.Southeast Asia has
Asian countries are racing to raise their oil stockpiling capacity, complete a regional power grid and speed up renewables in response to supply risks laid bare by the Iran war.
Southeast Asia has been worst hit by the energy impact as 80% of the oil transported through the Strait of Hormuz from the Gulf flowed to the region before the Iran war began.
"The most advanced efforts are support for the development of oil stockpiling systems in each country and regional joint stockpiling on (a) voluntary basis," nine Southeast Asian nations said in a joint statement issued along with Japan and Australia.
Japan agreed on action plans with its Asian partners to boost crude oil reserves across the region following a meeting of the Japan-led Asia Zero Emission Community (AZEC), a Japanese state minister on trade said on Thursday.
After a separate session with Saudi Arabia and the United Arab Emirates, Japan's State Minister of Economy, Trade and Industry Takagi Kei said they had expressed a willingness to cooperate to strengthen Asia's oil stockpiling capacity.
Philippines, which imports nearly all of its oil and fuel, will create a national reserve by the end of 2027, its energy secretary, Sharon Garin
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