ERIA and Indonesian Business Council Advance ASEAN Joint Oil Stockpiling through High-Level Roundtable and Strategic Partnership

Singapore, 30 July 2026: ERIA and the Indonesian Business Council (IBC) convened a high-level roundtable on ASEAN Joint Oil Stockpiling and Energy Resilience, bringing together representatives from energy companies, investors, storage operators, sovereign wealth funds, and other key stakeholders to explore practical pathways for strengthening the region's energy security.

The discussion examined ASEAN's growing vulnerability to oil supply disruptions and the feasibility of establishing a regional joint oil stockpiling mechanism. Participants exchanged views on infrastructure requirements, financing models, regulatory harmonisation, emergency response protocols, and public-private ownership arrangements needed to support an effective and commercially viable regional stockpiling system.

In his opening remarks, President Tetsuya Watanabe emphasised the importance of incorporating private-sector perspectives into the design of any future regional stockpiling mechanism.

'Whether such a mechanism can be realised will depend on whether it is commercially viable, investable, and operationally practical,' he said.

Mr Arsjad Rasjid, Chairman of the Indonesian Business Council, highlighted the importance of developing a regional oil stockpiling system as a public good for ASEAN while creating a framework that provides the private sector with the confidence and incentives to participate.

Dr Nuki Agya Utama, Director for Energy Policy at ERIA and Head of the Asia Zero Emission Center, presented strategies for progressing towards a 90-day emergency oil stockholding benchmark. Mr Arcandra Tahar, former Minister of Energy and Mineral Resources of Indonesia, proposed assessing the initiative sequentially through three key dimensions: technical feasibility, commercial viability, and political acceptability.

Participants also emphasised the importance of including both crude oil and essential refined petroleum products within the stockpiling system, maximising the use of existing storage infrastructure, ensuring geographically accessible distribution networks, and establishing clear, pre-agreed protocols for releasing emergency stocks during supply disruptions.

Following the roundtable, ERIA and IBC signed a Memorandum of Understanding to strengthen strategic collaboration on policy research, public-private dialogue, and initiatives that support ASEAN's long-term economic resilience and energy security. The partnership provides a framework for closer co-operation in developing regional policy solutions across areas including energy security, investment, and sustainable development.

Building on the discussions and the new partnership, ERIA and IBC will explore the establishment of a joint working group to develop pilot initiatives and advance regional co-operation on ASEAN joint oil stockpiling and broader energy security.