CEBU, May 7 — Asean may consider bringing in the private sector to help realise the newly-mooted oil stockpiling framework aimed at strengthening the region’s long-term energy security and preparedness.

Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani said the idea for the oil stockpiling framework was raised during one of the Asean meetings he attended here today.

“I do not think that the government (itself) can execute this. If you want to do this, you need to bring the private sector in to execute it.

“Maybe among the 11 Asean members, we should start with three or four like-minded countries that agree on this idea,” he told Malaysian reporters after attending the 27th Asean Economic Community Council Meeting and the Asean Joint Foreign and Economic Ministers’ Meeting here on Thursday.

Johari highlighted that the proposed framework, once established, would enable all Asean member states to access the stockpile and attract more investment into the energy sector in the future.

He disclosed that discussions at today’s meetings centred on the US-Israel-Iran war and US tariffs, both of which have affected almost all Asean countries, including Malaysia.

“On the Malaysia-US Agreement on Reciprocal Trade (ART), I believe we are making progress. While we await the finalisation of this ART, the ongoing war is causing significant damage to nearly all economies,” said Johari. — Bernama