Northeast Asia Nations to Help ASEAN Build Crude Oil Reserve Depot
Japan, China and South Korea will join hands in helping the Association of Southeast Asian Nations (ASEAN) to build a crude oil reserve depot to ensure the energy security and maintain stable economic growth rate in the region.
These countries will assist the ASEAN in the human resource training and financial aid for the depot's construction and management in the form of loans by Japanese government or state credit organizations.
The ASEAN member countries have not joined the International Energy Agency (IEA) and regional crude oil demand is forecast to rise 13% by 2015 and by 59% by 2030.
Many IEA member countries like Japan and South Korea have their own crude oil depot.
Earlier, the state-owned Vietnam Oil and Gas Group (PetroVietnam) said the country’s current estimated oil reserves are sufficient for the domestic production for next three decades. (Trade Info)
Vietnamese
