ASEAN to launch joint oil product stockpiling scheme as early as 2027, Nikkei reports
TOKYO: ASEAN countries will launch a joint oil product stockpiling scheme as early as 2027, with storage sites planned in Indonesia and Thailand, to allow member states to share supplies during emergencies, the Nikkei business daily reported on Thursday. The scheme will initially enable the Philippines to buy diesel and gasoline stored in Indonesia and Thailand during emergencies. Companies…
ASEAN nations plan to launch a joint oil product stockpiling scheme as early as 2027, according to a report by the Nikkei business daily. The initiative, led by the Economic Research Institute for ASEAN and East Asia (ERIA), aims to allow member states to share supplies during emergencies by storing oil products in Indonesia and Thailand.
Initially, the Philippines will be able to buy diesel and gasoline from these countries during crises. Companies linked to the Philippine state oil firm PNOC are expected to sign agreements with tank operators in Indonesia and Thailand on Saturday. Participants will need to pay a fee upfront for the right to purchase a specific amount of oil products from another country's stockpile in an emergency.
This "ticket" system, similar to one used in the European Union, could eventually be expanded to include Laos, Timor-Leste, and crude oil. Japan is promoting the scheme to enhance regional energy security following disruptions caused by the Iran war. Prime Minister Sanae Takaichi is reportedly set to announce the cooperative effort at an Asia Zero Emission Community summit in Manila on November 17.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
