Japan to support PH oil stockpiling program

The Japanese government has pledged to support the Philippines’ planned petroleum reserve program amid the energy crisis caused by the tensions in the Middle East.

“The Philippines is working on the establishment of a strategic petroleum reserve program, including the development of new stockpiling facilities,” the Ministry of Economy, Trade, and Industry of Japan, and the Department of Energy (DOE) said in a joint statement on Thursday.

“Japan will support this initiative by conducting necessary feasibility studies, and providing capacity building in the development of a stockpiling system, in cooperation with the Economic Research Institute for ASEAN and East Asia (ERIA), the Japan Organization for Metals and Energy Security (JOGMEC), the Japan Bank for International Cooperation (JBIC), Japanese trading companies and Japanese engineering companies with technical expertise in this field,” it added.

The statement came amid President Ferdinand Marcos Jr.’s state visit to Japan. Last April, Marcos called for a regional study on joint oil stockpiling during the Asia Zero Emission Community Plus Online Summit hosted by Japanese Prime Minister Takaichi Sanae.

The President also called for the early activation and implementation of the ASEAN Framework Agreement on Petroleum Security (APSA) Coordinated Emergency Response Mechanism.

The Japanese government also expressed support to the Philippines’ commitment to establish ASEAN-wide joint stockpiling, starting with the development of a roadmap by the Economic Research Institute for ASEAN and East Asia on financing.

“Japan intends to engage with oil-producing countries, including those in the Middle East, in promoting these efforts, while supporting ASEAN’s own institutions in strengthening regional energy security and resilience,” the statement said.

The Department of Foreign Affairs earlier confirmed that ASEAN member states are now looking at helping one another address possible petroleum supply shortages through an energy-sharing system.

The Philippines was reportedly identifying which ASEAN countries with substantial petroleum reserves could extend assistance if needed. —Vince Angelo Ferreras/RF, GMA News