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Energy

Japan targets Vietnam for first ASEAN oil-sharing deal

Tokyo looks to secure supply chain for companies with overseas footprint

Although Southeast Asia is highly dependent on Mideast oil, some countries lack reserves that will last for more than a month.

TOKYO -- Japan aims to bring Vietnam into what will be its first oil-sharing deal with a Southeast Asian nation, a government source told Nikkei, as Tokyo seeks to ensure an uninterrupted supply of petroleum to overseas supply chains in the event of a disruption.

The deal is part of Japan's attempt to build oil-sharing arrangements with Associations of Southeast Asian Nations members. Under one proposal, each participant would build up individual reserves of crude oil, along with gasoline, diesel fuel and other petroleum products, to prepare for disruptions in supplies.

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