ASEAN holds energy talks amid soaring oil prices

ASEAN energy ministers gathered in Vientiane, Laos to address energy concerns as oil prices continued to rise on the back of escalating tensions in the Middle East and soaring global demand. The 10-member Association of Southeast Asian Nations (ASEAN), which controls 40% of oil and natural gas resources in the Asia-Pacific region, will discuss oil stockpiling, renewable power and regional energy cooperation. The ASEAN ministers will also discuss the negative impact of rising oil prices on the region's economy, which has a market of 500 million people.

To cope with sudden oil supply disruption, Joon Beom-Lee, head of research at South Korea's state-run Korea National Oil Corporation, said oil stockpiling is the most effective countermeasure. South Korea currently runs nine oil stockpiling facilities along its coast and plans to build three more soon.

(2006-07-31 23:47:38 SGT) [Energy] Permalink

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