ASEAN KEY DESTINATIONS
Philippines proposes energy stockpile
Energy Secretary Jose Rene Almendras said the government had proposed a priority supply arrangement among Asean members for petroleum products during times of crises.
“It is being discussed,” he said.
Besides petroleum products, the Philippines also proposed the inclusion of coal.
Market pricing would prevail over the supply deal.
The energy chief said Asean members already agreed to pursue a shared supply agreement and are finalizing the mechanism for such an accord.
The proposal, however, falls short of the stockpile agreement the Philippines had been pushing to help secure the region’s petroleum supply.
“It’s not a regional stockpile, it’s a supply security agreement where we are appealing to the Asean members who have oil, in cases of emergency, that there will be [supply if needed],” he said.
The government earlier broached the proposal for a regional petroleum stockpile amid rising prices of oil products in the world market.
State-controlled Philippine National Oil Co.-Exploration Corp. also proposed to put up storage facilities for strategic petroleum reserves that government plans to use to cushion pump prices whenever international oil prices spike.
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