Japan's Chiyoda to help Philippines build oil storage facilities

What happened: Chiyoda is moving toward building oil storage facilities in the Philippines, part of a wave of Japanese companies aiding Southeast Asian economies hit by energy supply disruptions from the Iran war. Why it matters: The Philippines declared a national energy emergency this year due to low oil reserves, and Japanese companies are stepping in to support Southeast Asian energy security.

Chiyoda is moving toward building oil storage facilities in the Philippines, part of a wave of Japanese companies aiding Southeast Asian economies hit by energy supply disruptions from the Iran war.

The Philippines declared a national energy emergency this year due to low oil reserves, and Japanese companies are stepping in to support Southeast Asian energy security.