Regional oil stockpile to be key topic at ASEAN talks Oct 31: Report

An Asian regional oil stockpile plan is expected to be on the top of the agenda at the Association of South East Asian Nations meeting on Oct 31 in Phuket, Thailand, a Department of Energy official in Manila said Wednesday as reported by Platts.

?We have heard the ASEAN Petroleum Security Agreement will be discussed at the ASEAN meeting. The focus of the talks will be on regional stockpiling but the specifics have yet to be worked out. Asian nations are concerned over the region's energy supply security given the threat of a US-led attack on Iraq. State-run Philippine National Oil Co is already in talks with neighboring Indonesia and Brunei on securing oil supplies should war disrupt Middle East crude flows. Indonesia has committed to at least a one-time shipment of 600,000 bbl of crude if we need it,? the DOE official said.

The Philippines is also in talks with Brunei for oil supplies. "Brunei has indicated that in a crisis, they are willing to help, within the context of the ASEAN governments," the official said.

The archipelago is also in talks with Russia and a Philippine delegation is expected to head to Moscow for talks later this month, she added. Under the ASEAN Petroleum Security Agreement formed in 1986, the Association of South East Asian Nations have agreed to pool together oil supplies in the event of an emergency.

The Philippines consumes about 330,000 b/d of oil and imports all its crude requirements, mainly from Saudi Arabia and Iran, according to the DOE. (*)