Singapore, 31 July 2026: ERIA President Tetsuya Watanabe met with H.E. Gan Kim Yong, Deputy Prime Minister of Singapore, to discuss progress on the proposed ASEAN Joint Oil Stockpiling Initiative and explore practical pathways to strengthen the region's energy security and resilience.

Discussions focused on potential mechanisms for ASEAN Member States to participate in a regional joint oil stockpiling arrangement, taking into account their differing national circumstances, policy frameworks, and levels of readiness. The two leaders also exchanged views on institutional and operational models that could support the initiative's effective implementation.

A key topic of discussion was the potential role of artificial intelligence (AI) and digital technologies in optimising the distribution of crude oil and petroleum products, improving supply-chain visibility, enhancing demand forecasting, and strengthening emergency response capabilities during supply disruptions.

The meeting also explored possible configurations for a pilot project, including options for ensuring broad participation by ASEAN Member States while maintaining operational feasibility. Financing mechanisms and public–private partnership models were also discussed as important elements for supporting the initiative's long-term sustainability.

President Watanabe and Deputy Prime Minister Gan reaffirmed their shared commitment to advancing regional co-operation on energy security and emphasised the importance of practical, innovative, and commercially viable approaches to strengthening ASEAN's resilience to future energy supply disruptions.