CEBU, Philippines (Bernama): Asean leaders have initiated discussions on the idea of establishing regional fuel stockpiles amid the ongoing global energy crisis due to conflicts in the Middle East, said Singapore Prime Minister Lawrence Wong.
He said the idea was still in its early stages, with only brief discussions held among leaders during the 48th ASEAN Summit in Cebu.
"We already have a stockpile for rice under ASEAN Plus Three, so the question is would we be able to do something similar for energy, be it within ASEAN or with external partners?
"It is an idea that was discussed briefly amongst the leaders, but it has not been fully fleshed out," he told Singapore media on the sidelines of the summit on Saturday.
The video of his press conference was made available on The Straits Times YouTube channel.
According to Wong, the proposal could be discussed further at the next ASEAN Summit, adding that the matter could become one of the key agenda items when Singapore assumes the ASEAN chairmanship in 2027.
"I think the ministers will need to discuss further and if it is something that is worth pursuing further and there is interest, then perhaps the discussions will continue at the next summit and even within Singapore's chairmanship.
"So these are things we will continue to pursue as chair," he added.
Explaining further, Wong who is also the Finance Minister, said as an incoming ASEAN chair next year, Singapore will continue to focus on strengthening ASEAN's collective resilience, advancing integration efforts and community building agenda.
Meanwhile, commenting on the impact of global supply disruption amid West Asia conflicts, he highlighted that ASEAN must stand together as a bloc to mitigate the ongoing challenges.
"ASEAN has a greater collective voice and has a greater ability to shape outcomes. And we are in a much better position to manage any disruptions and shocks together as a regional grouping. -- BERNAMA
