China says ready to collaborate with Southeast Asian nations to address energy security

ISTANBUL

China on Thursday said it was ready to collaborate with Southeast Asian nations to jointly address the security of energy supplies.

“The situation in the Middle East dealt a heavy blow to global energy security. Relevant countries need to stop military operations at once and prevent regional turmoil from further impacting global growth,” Foreign Ministry spokesman Lin Jian told reporters in Beijing.

“China stands ready to strengthen coordination and collaboration with Southeast Asian countries and jointly address energy security issues,” said Lin.

The statement from Beijing comes as many Asian nations take extra measures to fend off the impact on their economies as energy supplies from the Gulf nations remain affected due to the ongoing US-Israeli war with Iran.

Fertilizer supplies have also been affected, with urea prices rising 1.58% on Wednesday to surpass $610 for the first time since October 2022.

Tensions in the Middle East remain high since the US and Israel initiated a large-scale military campaign against Iran, so far killing more than 1,200 people, including then-Supreme Leader Ali Khamenei.

Iran has retaliated with drone and missile attacks across the region and has effectively closed for most ships the Strait of Hormuz, a key oil transit route that normally handles about 20 million barrels per day, and roughly 20% of global liquefied natural gas trade.

When asked whether Beijing will continue supplies of fertilizers to the Philippines, spokesman Lin said China is a major producer and consumer of fertilizers and a key participant in global fertilizers trade.

China also exports some of its fertilizers to international markets after ensuring domestic demand, he added.