Philippine Energy Secretary Sharon Garin said on Wednesday that her country is in talks with Saudi Arabia, Russia, and the United States to store oil on its territory, in an effort to hedge against rising fuel prices caused by the war with Iran.
She explained that the Philippines, which relies almost entirely on importing its energy needs, also plans to increase electricity production through diesel and gas-fired power plants to compensate for an expected 60% drop in hydroelectric power and 20% in solar energy during the first half of 2027 as a result of the El Niño climate phenomenon.
