ASEAN to work on building oil reserves

I / Sapporo June 30, 2009, 10:03 IST

Members of the Association of Southeast Asian Nations (ASEAN) agreed in working-level energy talks in Sapporo with Japan, China and South Korea to begin working out their respective countries' plans to build up oil reserves, officials said on Monday.

Energy officials of the ASEAN also agreed to release their countries' plans at a meeting of energy ministers of the ASEAN plus Japan, China and South Korea next year, they said.     

At the working-level talks in Japan's northernmost prefecture of Hokkaido, the participants agreed on the need to build up the oil reserve system in each country to cope with increasing demand for oil in the Asian region and rising prices of oil in the future.

They also confirmed the need for each country to secure oil reserves at a certain level from the viewpoint of energy security in case of suspension of oil supply from oil-producing countries due to natural disasters and disputes.     

Japan and South Korea, both with advanced oil reserve systems, promised their proactive support to the ASEAN members, such as provision of information necessary to formulate their oil reserve programs, according to the officials.