Business | Oil & Gas
Asean energy ministers set to adopt stockpile plan
Southeast Asian energy ministers are set to adopt a roadmap for oil stockpiling when they meet this week, as the region creeps toward a solution to mounting supply security concerns, sources familiar with the discussions said yesterday.
- Reuters
- Published: 00:07 August 7, 2008
Bangkok: Southeast Asian energy ministers are set to adopt a roadmap for oil stockpiling when they meet this week, as the region creeps toward a solution to mounting supply security concerns, sources familiar with the discussions said yesterday.
Under the plan, countries of the Association of South East Asian Nations (Asean) can study stockpiling on a voluntary basis and the steps they must take, sources added.
The idea was discussed this week during meetings between Asean energy officials and representatives from Japan, South Korea and China (Asean+3), ahead of the Asean Ministers on Energy Meeting (AMEM) that start today in the Thai capital.
The initiative was endorsed for adoption and will be presented to the Asean energy ministers for approval.
Asean has been looking at the idea of oil stockpiling for several years, but no country has initiated strategic reserves yet to help deal with supply disruptions.
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