New Zealand considers building physical fuel reserves overseas

Golden Ten Data reported on May 9 that New Zealand's Minister for Resources, Shane Jones, recently told the media that New Zealand is considering building a physical national fuel reserve overseas and is currently comparing potential sites in Malaysia, Singapore, and South Korea. On May 8, AFP quoted Jones as saying that New Zealand is currently facing a "fuel dilemma," and government officials are exploring where to establish a physical state-owned fuel reserve overseas. In a previous Bloomberg report, Jones stated that New Zealand's domestic oil storage capacity is insufficient, "but we have several (overseas oil storage) options."