Article by Viory
Energy Crisis Opportunities
Malaysian Economy Minister Akmal Nasrullah Mohd Nasir said that the global energy crisis could actually creat new opportunities for the Global South, speaking on the sidelines of the landmark Russia-ASEAN Summit in Kazan on Wednesday.
“Definitely for countries like from ASEAN, we need to diversify in terms of our supply chain, also to look for opportunities around the world,” Nasir said.
“So definitely, I think these challenges of facing the global fuel crisis also open up opportunity for ASEAN to venture into a new partnership and for more other opportunities,” he added.
ASEAN Russia Summit Context
The Iran war and crisis surrounding the Strait of Hormuz – responsible for around 20% of global petroleum and 20% of liquified natural gas transportation – led to spiralling fuel costs worldwide. Washington and Tehran struck a deal this week to end the conflict but the exact terms were not revealed at time of publication.
The Russia-ASEAN Summit is taking place on June 17-19 in Kazan. The Association of Southeast Asian Nations comprises 11 members: Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, Philippines and Timor-Leste.
Article by Viory
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