ASEAN eyes joint oil stockpiles by 2027 – with the Philippines in the picture
ASEAN is planning shared petroleum stockpiles, with bases in Indonesia and Thailand. Japan will help design the system.
By YouScoop Desk · · 1 min read
The gist
- ASEAN plans joint petroleum product stockpiles, with bases in Indonesia and Thailand by 2027.
- Japan will assist with the system design.
- The Philippines is named in reports on shared oil reserves and a pending oil-sharing deal awaiting ratification.
Why it matters
The Philippines is part of the regional plan, based on the reports listed. The scheme is meant to build shared fuel reserves across ASEAN, and the Philippines is pushing for the ratification of an oil-sharing deal.
ASEAN is planning to build joint stockpiles of petroleum products, with bases set up in Indonesia and Thailand by 2027. Japan will help with the design of the system, based on reports from BigGo Finance and Reuters, which cites Nikkei.
In simple terms, a stockpile is a shared supply of fuel kept on hand so countries have something to draw on when supplies get tight. The idea behind a joint setup is that members would not have to face fuel supply problems alone.
The Philippines is part of the picture. A Nikkei report, as headlined by Nikkei Asia, names Indonesia, Thailand and the Philippines as setting up shared oil reserves. Inquirer also reports that the Philippines is seeking ASEAN leaders' push for ratification of an oil-sharing deal.
The plan is coming up while the Middle East crisis is still going on. Philstar reports that ASEAN leaders are set to agree on new energy measures as that crisis drags on, which puts the stockpile idea in a wider regional conversation about energy.
What Happens Next
Reuters, citing Nikkei, says the joint oil product stockpiling scheme could launch as early as 2027. The sources do not give further details on how the stockpiles will be funded, how they will be run, or how much fuel each member will hold. Those points are not yet known.
The sources also do not say when the oil-sharing deal will be ratified, so that timeline remains open. Readers can expect more updates as ASEAN leaders take up the energy measures on the table.
For Filipino readers, the big question is how much these shared reserves will matter once they are in place. Do you think a regional fuel stockpile is the kind of plan that can help the Philippines, or is 2027 still too far away to feel the difference?
Background
The news comes while the Middle East crisis is still dragging on, according to a Philstar report on ASEAN leaders agreeing to new energy measures. Separately, Inquirer reports the Philippines is seeking ASEAN leaders' push for ratification of an oil-sharing deal.
Sources
This story is written in our own words from reports by BigGo Finance, MarketBeat, MarketWatch and Trefis. Spotted an error? Tell us.
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