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CEBU, Philippines Jan 13 (Reuters) - Asian countries will examine the possibility of a regional fuel stockpile along with other possible ways of holding oil reserves, according to the draft ofa statement seen by Reuters on Saturday.
The 10-member Association of South East Asian Nations (ASEAN), along with China, Japan, South Korea, India, Australia and New Zealand will also work towards freer trade on bio-fuels and a standard on biofuels used in engines and cars.
Keen to reduce their dependence on expensive imported fossil fuels, the 16 leaders will issue the statement on energy security at the East Asia summit on the central Philippine island of Cebu on Monday.
The draft, which was approved by foreign ministers, also calls for a reduction in greenhouse gas emissions but offers no regional targets, unlike the European Union, which this week proposed ambitious cuts as part of its new energy policy.
ASEAN has talked about strategic oil storage before but a stockpiling agreement has never been signed, with high fuel prices making it expensive for developing countries.
Tokyo and Seoul, both required to hold reserves as members of the International Energy Agency (IEA), have been pushing neighbours to build up government reserves.
Monday's energy statement will also call for a reduction in the costs of renewable and alternative energy sources as well as investments in regional energy infrastructure.
ASEAN groups Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Laos, the Philippines, Singapore, Thailand and Vietnam.
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