SINGAPORE, Aug. 23 (Xinhua) -- Ministers from the 10-member countries of the Association of Southeast Asian Nations (ASEAN) and China, Japan and Korea (ASEAN + 3) met here on Thursday to discuss energy security and cooperation on energy issues.

According to a statement issued after the 4th ASEAN+3 Ministers on Energy Meeting, which was also attended by Zhao Xiaoping, Director General of the Energy Bureau, China's National Development and Reform Commission, the ministers appreciated the significant achievements gained so far in strengthening and furthering the cooperation of ASEAN+3 countries on energy under the five program areas, namely energy security, oil market, oil stockpiling, natural gas and renewable energy and energy efficiency and conservation.

Noting the prevailing situation of instability of energy prices, limited reserves of fossil fuels and growing concern on the environment, the ministers reaffirmed their commitment to ensure energy security in the region,

Stressing that improving energy efficiency is one of the most cost-effective ways to enhance energy security and address climate change in the region, the ministers agreed to improve energy efficiency, where possible, in all sectors, such as the industrial, transport, residential/commercial and power sectors, through setting individual goals and formulating action plans for improving energy efficiency.

The ministers requested the ASEAN Center for Energy (ACE) and the ASEAN Council on Petroleum (ASCOPE) with assistance from ASEAN+3 countries to prepare a compendium of the natural gas industry including Coal Bed Methane (CBM) which will provide vital information on doing business in the natural gas industry in the ASEAN+3 region, including among others, incentives, policies, business processes and detailed map of resources.

They welcomed the positive developments in the use of renewable energy, acknowledging the initiatives of countries to develop, produce and utilize biofuels in a sustainable manner.

Meanwhile, the 25th ASEAN ministers on energy meeting was also held here on Thursday with the ministers discussing various measures to promote greater energy stability, security and sustainability.

The ministers exchanged views within the context of an increasing global consensus that energy security is fundamentally linked to ASEAN's economic, social and environmental well-being.

In doing so, the ministers considered ways to respond to the increasing world oil prices and oil dependency, as well as the region's broader energy supply and demand challenges.

They also inked the Memorandum of Understanding on the ASEAN Power Grid (MOU on the APG) to serve as a reference document for the coordination and facilitation of the programs to implement the power interconnection projects in the ASEAN region.

They also agreed to forge further regional cooperative partnership to promote solar, wind, geothermal, hydro, and biomass energy.