Japan to help ASEAN jointly stockpile oil products

Detailed summary

TOKYO – Japan plans to help the Association of Southeast Asian Nations (ASEAN) jointly stockpile petroleum products, people familiar with the matter said. AS...

Japan plans to help the Association of Southeast Asian Nations (ASEAN) jointly stockpile petroleum products, people familiar with the matter said.

TOKYO – Japan plans to help the Association of Southeast Asian Nations (ASEAN) jointly stockpile petroleum products, people familiar with the matter said.

ASEAN is considering building stockpiling bases in Indonesia and Thailand as early as 2027, allowing member countries to receive supplies from them in emergencies, the people said.

Strengthening ASEAN's stockpiling capabilities is expected to help enhance economic security in Japan, which receives petroleum products from the region.

ASEAN's effort for joint stockpiling will be assisted by the Economic Research Institute for ASEAN and East Asia, which studies energy security in Asia. Japan was involved in the establishment of ERIA.

The joint stockpiling plan is expected to be formalized ahead of an ASEAN summit to start in Manila, the capital of the Philippines, on Sunday.

ASEAN depends heavily on the Middle East for crude oil supply. Due to insufficient stockpiles, member countries temporarily faced difficulties procuring crude oil following the effective blockage of the Strait of Hormuz, a crucial passage for oil transportation.

In April, Japan, which relies on ASEAN for surgical gloves and other petroleum-derived products, launched the "Power Asia" framework to help make supply chains in Asia more resilient.

On Tuesday, Japanese Prime Minister Sanae Takaichi will attend a summit of the Asia Zero Emission Community (AZEC), which comprises Japan, countries in Southeast Asia, and Australia.

Opening of the article, excerpted from Philippine News Agency. To read the rest, open the article on the publisher's site.