Manila, Oct. 9 (Jiji Press)–Japan and other member countries of the Asia Zero Emission Community framework have agreed on work plans designed to increase their oil reserves. The agreement was reached at an AZEC ministerial meeting in Manila on Thursday, held at a time when it is increasingly important to strengthen energy security amid lingering tensions in the Middle East. Based on the plans, member countries will consider improving infrastructure for oil stockpiles and creating a mechanism for coordinated releases of oil reserves in the event of an emergency. In a video message sent to the ministerial meeting, Japan’s Minister of Economy, Trade and Industry Ryosei Akazawa stressed the need for AZEC member nations to join forces to strengthen supply-demand systems, noting that uncertainty surrounding energy supply is expected to continue. The AZEC framework, aimed at promoting decarbonization, comprises 11 countries–Japan, Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Later on Thursday, AZEC members held a special meeting also joined by representatives from Saudi Arabia and the United Arab Emirates, with agenda items including collaboration with oil-producing countries to increase oil stockpiles. Many Southeast Asian nations are highly dependent on the Middle East for crude oil supplies and have been seriously affected by the de facto blockade of the Strait of Hormuz, a key oil chokepoint. After oil product supplies from Southeast Asia were disrupted, the Japanese government started to help countries in the region enhance supply chains. END [Copyright The Jiji Press, Ltd.]
