SINGAPORE: ASEAN energy ministers and representatives on Monday (Apr 27) said urgent coordinated action was needed to safeguard regional energy security amid tensions in the Middle East.
At a virtual Special ASEAN Ministers for Energy Meeting, the regional bloc agreed to safeguard regional energy security through strengthened cooperation, timely policy responses and engagement with dialogue partners.
Many countries in Southeast Asia have felt the strain of the energy crisis sparked by the closure of the Strait of Hormuz amid the Iran war as governments scrambled to ration energy supplies and diversify energy sources.
In a joint statement, the ASEAN ministers emphasised that disruptions in key energy transit routes could have far-reaching implications on global oil supply chains, especially for ASEAN as a net energy-importing region.
The ministers also discussed the potential impact of Middle East developments on global oil and gas markets, including price volatility and supply uncertainties.
“We noted that ASEAN’s growing energy demand may increase exposure to such shocks and underscored that stable, accessible, reliable, and affordable energy supply remains fundamental to regional energy security,” they said in the joint statement.
They highlighted the importance of maintaining secure and open sea lanes to ensure the uninterrupted flow of energy supplies.
The ministers also emphasised the need to strengthen regional preparedness and response mechanisms, including the operationalisation of the ASEAN Framework Agreement on Petroleum Security.
Advancing energy resilience through the diversification of energy sources, accelerating renewable energy deployment and exploring emerging technologies was also a key focus of discussions.
The ministers reaffirmed their commitment to enhancing regional cooperation, including multilateral power trade and the ASEAN Power Grid.
Singapore’s Minister of State for Trade and Industry Gan Siow Huang also reaffirmed Singapore’s commitment to ASEAN’s collective efforts.
The situation in the Middle East emphasises the critical importance of regional cooperation in strengthening and advancing energy resilience, Ms Gan said.
“Singapore will continue to work closely with ASEAN member states to strengthen preparedness, diversify energy sources, and advance regional energy integration.
“Together, we will work to safeguard the region’s energy security and economic stability in these challenging times,” she said.
At the meeting, the ministers also recognised that developments in the Middle East could also broadly affect food systems, transport, logistics, and economic activities.
They stressed the importance of maintaining unimpeded trade and investment flows, keeping critical trade infrastructure open, and refraining from unjustified trade restrictions.
