ASEAN to Establish Oil Product Sharing Reserve Mechanism with Japan's Support

ASEAN member states will establish a shared oil product reserve mechanism with Japan's support, aiming to be operational by 2027 to address emergencies. The plan includes building diesel and gasoline reserve facilities in Indonesia and Thailand, with the Philippines being able to procure these fuels. This year, some Southeast Asian countries faced energy supply uncertainties during the Iran-related conflicts due to a lack of reserves. On the eve of the ASEAN summit, PNOC Exploration Corporation will sign a memorandum of understanding with Thai oil storage facility operators and Indonesian company Interport. The reserve mechanism will adopt a "reserve note system," allowing oil storage facility operators to sell stored diesel and gasoline during normal times; in emergencies, countries or enterprises that have pre-purchased certificates will have priority procurement rights. Indonesia, Thailand, and the Philippines plan to sign an agreement to implement this system on Saturday.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.