Philippines, Indonesia and Thailand firms sign emergency oil access letters

Key facts

• PNOC Exploration signed letters of intent with Indonesian and Thai storage tank operators, Nikkei Asia reported.
• The letters cover exploring arrangements for tapping petroleum product reserves in emergencies, not committed volumes.
• The signing took place in Manila on November 14, with representatives of the three countries present.

Companies from the Philippines, Indonesia and Thailand signed letters of intent in Manila on November 14 to explore arrangements for drawing on petroleum product reserves in emergencies, Nikkei Asia reported. PNOC Exploration signed the letters with Indonesian and Thai storage tank operators, the report said.

The letters cover exploration of arrangements rather than committed supply volumes, and no quantities or delivery terms were stated in the report. The report did not name the Indonesian or Thai counterparties.