Chiyoda Corporation has reportedly begun studying the construction of an oil storage facility in the Philippines. The move comes as Japanese companies expand their role in efforts to ensure a stable energy supply in Southeast Asia.
As concerns over tensions in the Middle East and an energy crisis grow in Southeast Asia, Japanese companies are becoming increasingly involved. Chiyoda Corporation has begun studying the construction of an oil storage facility in the Philippines. Idemitsu Kosan is cited as supporting a stable energy supply by supplying crude oil to Vietnam and through other initiatives.
Because Southeast Asia is geographically close to the Middle East, securing energy supplies from there, diversifying sources of supply and shifting away from fossil fuels are considered urgent priorities. The Japanese government is also considering responses in the Philippines, Vietnam, Indonesia and Thailand.