Key facts
- Chiyoda Corp. will help the Philippines build oil storage facilities.
- The initiative aims to enhance energy security in the Philippines.
- The Philippines declared a national energy emergency this year due to low oil reserves.
Chiyoda Corp. is set to assist the Philippines in constructing oil storage facilities, a move aimed at bolstering the Southeast Asian nation's energy security. The Philippines declared a national energy emergency earlier this year due to critically low oil reserves. This initiative is part of a broader trend of Japanese companies supporting energy security in Southeast Asia, particularly in light of energy supply disruptions linked to the Iran war.