ASEAN Moves to Build Emergency Oil Reserves Amid Iran Supply Crisis
6 Articles
6 Articles
ASEAN to launch joint oil product stockpiling scheme as early as 2027, Nikkei reports
In a move to bolster regional energy security, ASEAN nations plan to roll out a collective oil stockpiling project by 2027. This initiative will establish crucial storage locations in Indonesia and Thailand, enabling member states to share resources. Initially, during emergencies, the Philippines will access diesel and gasoline from these shared reserves.
ASEAN Moves to Build Emergency Oil Reserves Amid Iran Supply Crisis
The Association of Southeast Asian Nations has agreed to set up a joint crude oil stockpiling scheme in response to the supply disruption from the war in Iran, which severely affected countries in the region. The scheme will comprise storage sites in Indonesia and Thailand, Reuters reported today, from which ASEAN members will draw oil in times of tight supply. The withdrawals will be based on a ticket system, under which member countries would …
Indonesia, Thailand and the Philippines intend to establish a system for joint reserves of petroleum products and subsequent distribution by 2027 to mitigate the negative consequences of emergencies. According to Nikkei, Japan will provide support. Southeast Asian countries are highly vulnerable to disruptions in sea routes and conflicts in the Middle East. The project is being implemented with the leading […]
The mechanism is expected to operate on a "ticket" system. Participating countries and businesses pay a fee in advance to have the right to purchase fuel stored by businesses in other countries in emergency situations. ASEAN strengthens energy security, promotes regional connectivity. A key milestone towards a sustainable energy future for ASEAN. ASEAN countries set ambitious energy targets.
This joint oil storage initiative is led by the Economic Research Institute for ASEAN and East Asia (ERIA), a research institute established by Japan in Indonesia.
ASEAN moves toward joint emergency fuel scheme after Middle East shock
Southeast Asia is moving toward a shared fuel-security arrangement that could give countries access to emergency supplies without requiring each government to build and fill its own storage network immediately. The proposed scheme would initially connect Philippine buyers with diesel and gasoline held in Indonesia and Thailand, using contracts that reserve the right to purchase fuel during a disruption. Operations could begin as early as 2027. C…
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