Asean Petroleum Security Agreement

“oil storage” refers to strategic petroleum and petroleum products stored in underground storage tanks or storage tanks, intended for use for operational and strategic reasons, and 5. In times of oversupply of crude oil and/or surplus petroleum products Importing Member States should, where possible, buying exports from troubled Member States in order to increase their exports to at least 80% of normal exports, taking into account the importing country`s national needs in terms of quantities of crude oil and/or petroleum products, processing facilities and existing “export” delivery obligations are considered here to be exports from oil operators to which the government is not entitled. Procurement negotiations will take place on a bilateral basis. ASEAN Member States are working to take the following medium- and long-term measures, taking into account their own supply situation, their commitments and their dependence on oil: given ASEAN`s increasing dependence on oil resources outside the region, it is necessary to recognise, coordinate and streamline these efforts, plans and programmes to improve the security of oil supply for ASEAN Member States; “ASEAN Member State in Difficulty” refers to an ASEAN Member State that has provided the ASCOPE secretariat with an appropriate notification of the emergence of a critical shortage due to an emergency that compromises energy security; (3) If the aforementioned quantity, in addition to other available supplies, is less than 80% of the normal domestic needs of the troubled country, ASEAN governments will endeavour to provide the supply reserve of the troubled country with an additional 10% of the volume of any type of crude oil and/or petroleum products to which oil-exporting countries are entitled. Any delivery request to cover needs exceeding 80% of normal requirements is negotiated on a bilateral basis. This agreement may be extended, with the agreement of all ASEAN Member States, beyond its duration in accordance with point 7.8 of this article. CONSIDERING that the establishment of an oil security agreement between ASEAN Member States will help to strengthen the economic resilience of individual Member States, as well as ASEAN`s economic resilience and solidarity; Aware that energy security and self-sufficiency can be achieved through national and multi-ional efforts focused on research, development, use, distribution and transport of indigenous energy resources, which are implemented in a way that preserves both resources, the environment and human habitat; Noting that ASEAN`s energy security is the key to economic resilience and that ASEAN`s 2020 vision and ASEAN`s energy cooperation were designed to address these considerations; However, the reserve attached to this clause remains significant – it stipulates that “oil stocks, individually or jointly by ASEAN Member States, must be carried out on a voluntary and commercial basis.”