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ASEAN countries sign petroleum security deal

(Xinhua)
Updated: 2009-03-01 18:08

HUA HIN, Thailand -- The Association of Southeast Asian Nations (ASEAN) signed here an energy security agreement on Sunday that will ensure their members "the physical availability of oil and oil products through the establishment of stockpiles on voluntary and commercial basis."

The agreement said "ASEAN is increasingly becoming more dependent on petroleum resources outside the region, there is a need to recognize, coordinate and rationalize these efforts, plans and programs to enhance security of petroleum supply for ASEAN member states."

The deal was part of increased cooperation paving the way for ASEAN to form an ASEAN Community by 2015.

A total of 24 ASEAN related documents were signed or adopted by ASEAN leaders at the 14th ASEAN summit. These documents include, among others, the issues relating to the ASEAN community building, trade and investment, sub-regional economic cooperation, food and petroleum security.

ASEAN, established in 1967, groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.