ASEAN to sign energy security agreement
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  • Reports noted Southeast Asian nations are to sign an energy security agreement on March 22 that will allow their members to buy oil at a discounted price during times of crisis. S. Pushpanathan, Deputy Secretary-General of the Association of Southeast Asian Nations (ASEAN) noted that under the terms of the agreement, oil exporting states will supply petroleum to a country that is facing a shortage at a lower price. He noted that ASEAN countries were increasingly dependent on petroleum resources from outside the region, and therefore it was important for ASEAN member-states to enhance their “ability to respond to an energy emergency situation by ensuring the physical availability of oil." The ASEAN official noted that the agreement was part of an effort to form a EU-style community by 20151.