Japan, Asia's biggest economy, and New Zealand are in talks to share oil stockpiles during natural disasters and emergencies, the two countries said Thursday.
Both nations are working on a plan to strengthen cooperation in the area of energy security, Minister of Economy, Trade and Industry Akira Amari and New Zealand Associate Minister of Energy Harry Duynhoven said in a joint statement after holding discussions in Singapore.
Once the countries complete talks, New Zealand can buy oil from Japanese companies in case of an emergency, Japan's trade ministry said in a separate statement.
Energy ministers and officials from the Association of Southeast Asian Nations, Australia, New Zealand, China, India, Japan and South Korea are meeting in Singapore on Thursday to discuss cooperation on energy issues.
Ministers from ASEAN will sign an initial agreement on a trans-Southeast Asian power grid, while also holding talks to establish a nuclear energy safety network for the region, Singapore Deputy Prime Minister S. Jayakumar said in a speech Thursday.