Japan, Other AZEC Members Agree to Boost Oil Reserves

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.

[Copyright The Jiji Press, Ltd.]