Energy Minister Simon Watts is travelling to Japan to attend the Indo-Pacific Energy Security Ministerial and Business Forum, where international leaders and businesses will discuss energy supply and security.
Watts says the meeting comes at a time of heightened global uncertainty.
“As the world grapples with the recent events in the Middle East and heightened geopolitical uncertainty, energy security has never been more important to the economic prosperity of New Zealand and our partners in the Indo-Pacific region,” Watts says.
He says New Zealand’s participation is important to reinforce cooperation on global fuel supply chains, particularly liquid fuels.
“New Zealand’s attendance at the Indo-Pacific Energy Security Ministerial and Business Forum is essential to reaffirming our commitment to securing global energy supply chains, particularly for liquid fuels,” Watts says.
While conflict in the Middle East continues to disrupt international oil markets and the global economy, Watts says New Zealand’s fuel system remains prepared for potential supply disruptions.
“While the conflict in the Middle East continues to be disruptive to international oil markets and the global economy, New Zealand is prepared for a disruption to fuel supply. Our fuel system is resilient, our stocks are healthy, and our plans are built precisely for moments like this. We are actively monitoring the fuel security situation for New Zealand and remain in close contact with fuel companies,” he says.
Watts says the forum also provides an opportunity to strengthen collaboration with regional partners following a decision by the International Energy Agency to proceed with collective action.
“In the light of the International Energy Agency’s decision to proceed with collective action, attending the Forum is a valuable opportunity to engage directly with New Zealand’s closest trading partners in the Indo-Pacific region and emphasise the importance of international collaboration,” he says.
Watts will attend the forum from March 14 to 15 and is scheduled to return to New Zealand on March 16.
