Japan to propose new oil framework for Southeast Asia

Detailed summary

NHK has learned that arrangements are underway for Japanese Prime Minister Takaichi Sanae to propose a new framework for coordinated oil stock releases at an upcoming summit on…

NHK has learned that arrangements are underway for Japanese Prime Minister Takaichi Sanae to propose a new framework for coordinated oil stock releases at an upcoming summit on Asian energy cooperation.

The proposal, which would come in light of the situation in the Middle East, is due to be presented at the summit of the Asia Zero Emission Community, or AZEC, in the Philippine capital, Manila, on Tuesday. Leaders from Japan, Australia and Southeast Asian countries are scheduled to discuss cooperation in the energy sector, among other issues.

Japan hopes the framework will serve as an Asian equivalent of the International Energy Agency, deepening regional coordination and cooperation. Under the plan, countries will discuss rules for the joint release of oil reserves and coordination on resource sharing in the event of an energy crisis. They will also analyze and share data to bolster stockpiles and stabilize markets in Southeast Asia.

Takaichi is also expected to propose a system allowing unused oil tanks in Japan to be used to boost reserves in support of a joint oil stockpiling plan across Southeast Asia. Under the arrangement, participating countries would be given priority to purchase the stored oil in the event of an emergency.

Takaichi will make a four-day trip to the Philippines and China starting on Monday.

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