Philippines, Asean to revisit pact on fuel to ensure stable supply in region

The government has agreed, along with member-countries of the Association of Southeast Asian Nations, to revisit the Petroleum Security Agreement that seeks to secure fuel supply in the region.

Energy Secretary Jose Rene D. Almendras said Wednesday that the Philippines has also urged Asean member-countries to forge a similar agreement for coal so that coal-exporting countries within the region like Indonesia can help augment supply in other countries in case conflicts break out.

Almendras said the proposal was still under discussion, but will be likened to the supply security agreement for petroleum, under which import-dependent countries like the Philippines can count on oil-producing Asean members to provide their fuel needs in case of emergency.

The original Asean Petroleum Security Agreement, or APSA, which was signed during the mid-1980s, was a covenant among member states that established a petroleum-sharing scheme.

Among those that ratified the APSA were Brunei Darussalam, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

APSA aims to enhance petroleum security in the region by providing a platform for stockpiling on a voluntary and commercial basis among member states.

It likewise provided a platform for members to exert concerted efforts to minimize exposure to emergencies by diversifying fuel sources, exploring new petroleum resources, and improving market and utilization efficiency, documents showed.