Kuala Lumpur (VNA) - The Association of Southeast Asian Nations (ASEAN) is exploring a proposal to establish a regional oil stockpiling mechanism involving private sector participation, as part of long-term efforts to strengthen energy security and enhance the region's resilience.
Malaysian Minister of Investment, Trade and Industry Datuk Seri Johari Abdul Ghani said the proposal to develop the framework was tabled during an ASEAN meeting held in Cebu, the Philippines, on May 7.
He said the initiative would require strong private sector involvement, as governments alone would not be able to launch such a mechanism effectively.
Johari said the proposed framework could begin with participation from several ASEAN member states that are supportive of the idea, before potentially being expanded further.
He added that the mechanism could allow ASEAN countries shared access to strategic oil reserves while also encouraging greater investment into the regional energy sector in the future.
Discussions at the meeting also touched on geopolitical tensions in West Asia, as well as US tariff measures that have impacted nearly all ASEAN economies, including Malaysia./.
VNA
