Asean, partners discuss oil stockpiling activities
Asean, partners discuss oil stockpiling activities
Officials from Asean and Asean+3 countries, namely China, Japan and the Republic of Korea met in Vientiane to review and discuss progress of each countries' oil stockpiling activities, plans and needs for the achievement of the Oil Stockpiling Road Map (OSRM).
The 4th Workshop on Asean+3 OSRM opened yesterday, hosted by the Ministry of Energy and Mines.
Laos always attaches great importance to strengthening cooperation particularly with the Asean countries and Asean+3 countries.
While the development and economic growth of countries in the region have occurred at a relatively rapid pace, Laos as an oil-importing country expresses concerned about the volatile oil prices which has a negative influence on socio-economic development and the living conditions of the people, Director General of Energy Policy and Planning Dr Daovong Phonekeo said in his opening remarks.
Therefore, we recognised the necessity of oil stockpiling initiatives in the light of persistent risks of supply disruptions and highly volatile o il markets in the future, he added.
Recalling the directive from the Joint Ministerial Statement of the 12th Asean+3, we should continue studies and development of the OSRM, collect annual information on the progress of each countries' oil stockpiling activities and organise workshops on OSRM with the support and assistance of the Asean +3 cou ntries.
Laos has a total population around 6.5 million and an average GDP growth rate of 7.5 percent per annum.
In 2013, there were 1,019 million litres of petroleum products used in Laos. All of those petroleum products are imported from neigbouring countries such as Thailand and Vietnam.
Up to now, there are 22 oil enterprises running businesses in the country, including three foreign companies such as PTT, Petro Vietnam and Petrolimex; there are over 1,200 gas stations throughout the country.
Oil stockpiling is one of the important measures for responding to emergency situations.
Even through national oil stockpiling has already started, Laos needs to increase the quantity of oil to cover more and more days, develop appropriate regulations and mechanisms for the effective use of the oil and quick response to the demands.
It also requires more locations and more variety of oil stockpiling and can learn from the best practices of other Asean +3 countries, Department Deputy Director General Mr Khamso Kouphokham reported at the meeting.
