Philippines moves to secure emergency access to oil in Indonesia, Thailand

What happened: Companies from the Philippines, Indonesia and Thailand signed deals on Saturday to explore arrangements for tapping petroleum product reserves in emergencies. PNOC Exploration signed letters of intent with Indonesian and Thai storage tank operators. Key numbers: Deals signed Saturday, Nov. 14, in Manila. Why it matters: The letters of intent set up cross-border arrangements for emergency access to oil reserves, with Philippine state-linked PNOC Exploration working with storage tank operators in Indonesia and Thailand.

Companies from the Philippines, Indonesia and Thailand signed deals on Saturday to explore arrangements for tapping petroleum product reserves in emergencies. PNOC Exploration signed letters of intent with Indonesian and Thai storage tank operators.

The letters of intent set up cross-border arrangements for emergency access to oil reserves, with Philippine state-linked PNOC Exploration working with storage tank operators in Indonesia and Thailand.