Energy Undersecretary Emmanuel de Dios revived the proposal at the second meeting of the Asia Cooperation Dialogue-Energy Working Group (ACD) being held in Manila.
Speaking at the meeting Wednesday, De Dios said the government is pushing for the establishment of a joint regional oil stockpiling facility to ensure security of supply and to cushion the impact of rising world crude prices.
He told delegates that such a facility was urgently needed in the wake of spiraling world oil prices.
"In today’s market of volatile oil prices, it is important that oil-producing and oil-consuming economies discuss areas of mutual concern. Initiatives on the possible establishment of a joint regional stockpiling facility is a key area that must be addressed," De Dios told delegates.
The Philippine government offered the Subic Bay petroleum depot as a potential strategic and commercial site for the stockpiling facility since the start of the US-Iraq war last year.
De Dios urged countries participating in the ACD meeting to prioritize discussions on rising oil prices and their effect on energy security.
The two-day ACD meeting aims to formulate a joint declaration that will focus on policies and strategies on energy supply security for the region.
The ACD was established during the 34th Association of Southeast Asian Nations foreign ministers’ meeting in Hanoi in 2001 with the objective of exploring possibilities of creating cooperation within the energy sector.
The working group’s member-countries are Bahrain, Bangladesh, Brunei, China, Cambodia, India, Indonesia, Japan, Kazakstan, Korea, Kuwait, Laos, Malaysia, Myanmar, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand and Vietnam. — AFP