Philippines to create oil reserve by the end of 2027 — Channel NewsAsia

The Philippines plans to create a national oil and fuel reserve by the end of 2027. It could later be turned into a regional storage facility, the country’s Energy Secretary Sharon Garin said in Manila, Channel NewsAsia reports.

According to Garin, the Philippines imports nearly all the oil and fuel it needs. Countries will independently decide whether to host regional reserves and under what terms to sell them. The Philippines is considering storing oil or petroleum products belonging to other states on its territory, while in an emergency the host country would have priority access to such reserves.

Regional oil reserves

Nine Southeast Asian countries, together with Japan and Australia, supported the development of national oil stockpiling systems and the voluntary creation of joint regional reserves in a joint statement. Japan has also agreed on action plans with partners in Asia to increase crude oil reserves following a meeting of the Asia Zero Emission Community.

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Japan’s State Minister of Economy, Trade and Industry Kei Takagi said that Saudi Arabia and the United Arab Emirates had expressed readiness to cooperate to strengthen Asia’s capacity to create oil reserves.

Renewable energy targets

ASEAN countries also committed to increasing the share of clean energy. Their targets envisage 30% renewable sources in total primary energy supply and 45% in installed electricity generation capacity.

According to the ninth ASEAN Energy Outlook, the share of renewable sources in primary energy stands at 14.1%, below the 25% target set for 2025. The share of green energy in total installed capacity has stood at 33.7% since 2020, against a 35% target for 2025. In addition, the states reached a preliminary agreement on developing a regional power grid and will review the project’s implementation timeline to accelerate it.