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Market Chatter: Japan to Help Philippines Boost Oil Reserves as Hormuz Crisis Threatens Supply

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Japanese Prime Minister Sanae Takaichi and Philippine President Ferdinand Marcos Jr. are expected to finalize an agreement for Japan to assist the Philippines in bolstering its oil reserves in an upcoming summit, Nikkei reported on Thursday.

Beginning as early as June, specialists from international bodies and Japanese institutions, including the Ministry of Economy, Trade and Industry, alongside private firms like Chiyoda (TYO:6366) and major trading houses, will travel to the Philippines, the news daily said.

Collaborating with the Philippine Department of Energy and the state-owned oil company, these experts plan to deliver a concrete strategy by late 2026, the publication said.

Amid concerns over Middle Eastern crude access due to the closure of the Strait of Hormuz from the Iran war, and given the Philippines' 50-60 day reserve and over 90% reliance on Middle East imports, Japan, with over 200 days of reserves and five decades of experience, is being looked to by Asian nations for guidance on reserve systems and operations, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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