Members of the Association of Southeast Asian Nations (ASEAN) will launch a joint stockpiling scheme as early as 2027 to share supplies during emergencies, Nikkei Asia reported. ASEAN consists of 11 member states: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Timor-Leste and Vietnam.
The initiative, led by the Economic Research Institute for ASEAN and East Asia (ERIA), will introduce a ticket system that enables member states to pay a right-to-buy upfront fee for a certain volume of oil products stored by another member’s companies during an emergency. This system is currently used in the European Union.
As a first initiative, the scheme will allow the Philippines to buy diesel and gasoline stored in Indonesia and Thailand during emergencies. Philippine National Oil Company’s associated companies are expected to sign letters of intent with tank operators on Saturday 14 November.
Nikkei Asia reports: ‘Laos and Timor-Leste are also considering joining, while the scheme could eventually be expanded across ASEAN and to crude oil. Japan is promoting the scheme to strengthen regional energy security after disruptions caused by the Iran war. Prime Minister Sanae Takaichi is expected to announce cooperation on joint oil stockpiling at an Asia Zero Emission Community summit in Manila on 17 November 2026.’
