Middle East Eyes Philippines' Fuel Stockpiling Plan Amid Global Price Shocks

The Philippine Department of Energy (DoE) has announced that potential partners from the Middle East have expressed interest in participating in the country's plan to build a strategic fuel reserve.

Energy Secretary Sharon S. Garin said that during meetings with Japan for regional stockpiling, some Middle Eastern countries were present and showed interest in joining the project.

The Philippines is vulnerable to global oil price shocks due to its status as a net importer of petroleum products from the Middle East.

The country aims to maintain at least a 60-day reserve, with the DoE working alongside the Philippine National Oil Co. (PNOC) and Maharlika Investment Corp. to evaluate options for establishing the proposed reserve.