By Gab Humilde Villegas | PTV News
Around 70 new Memoranda of Understanding (MOUs) were signed during the 4th Asia Zero Emission Community (AZEC) Ministerial Meeting, along with Japan during the sidelines of the 44th ASEAN Ministers on Energy Meeting on Thursday.
Currently, there are now a total of 600 projects, ranging from oil stockpiling, nuclear power, ammonia, and biofuels.
Japanese State Minister Kei Takagi of the Ministry of Economy, Trade, and Industry said they invited Saudi Arabia and the United Arab Emirates for their first-ever ministerial level session with Middle Eastern oil-producing countries and AZEC partner countries.
“Both countries from the Middle East expressed their willingness to cooperate on strengthening oil stockpiling capacity in Asia, and we confirmed that we will further deepen our cooperation to strengthen energy security,” Minister Takagi said.
Department of Energy (DOE) Secretary Sharon Garin emphasized the importance of cooperation when it comes to geopolitical turmoil and geopolitical threats on global oil supply, such as tensions in the Strait of Hormuz.
Sec. Garin also shared that an AZEC Ministerial Work Program was adopted to focus on strengthening oil stockpiling.
She added that this is important for the Philippines that relies on imported oil to address transportation, trade, and household needs in the country.
“Strengthening our oil stockpiling capabilities will help us better prepare for supply emergencies, manage the effects of global market disruptions, and protect the availability of fuel essential to transportation, commerce, and the daily needs of each and every Filipino household,” the DOE chief said.
Japan continues its investment and cooperation with Asian Development Bank (ADB) and Economic Research Institute for ASEAN and East Asia (ERIA) through AITF Catalyst which aims to fund practical energy transition projects such as renewable energy, liquified natural gas (LNG), biofuels, and nuclear energy.
The outcomes will be forwarded for the upcoming AZEC Leaders Meeting in November, while Singapore will co-chair with Japan for AZEC in 2027.
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