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NEWS UPDATES Asean Affairs     6  October  2011                       

Philippines proposes energy stockpile

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The Philippines is pushing for supply security agreements with other members of the Association of Southeast Asian Nations (Asean), according to the Department of Energy.

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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This year in Thailand-what next?

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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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