Japan seeks Asian oil reserve deals at Philippines meeting
Japan will discuss action plans to boost crude oil reserves across Asia at a Thursday ministerial meeting in the Philippines, industry minister Ryosei Akazawa said. The initiative, backed by US$10 billion in financial support, aims to strengthen energy security amid supply disruptions from the US-Is
Japan aims to agree on action plans with its Asian partners to boost crude oil reserves across the region at a ministerial meeting of the Japan-led Asia Zero Emission Community in the Philippines on Thursday, the industry minister said on Tuesday.
Economy, Trade and Industry Minister Ryosei Akazawa told a press conference that under the initiative, Japan will discuss support measures with participating countries with the aim of reaching an agreement on Thursday.
In April, Prime Minister Sanae Takaichi proposed the "Partnership in Wide Energy and Resources Resilience Asia (POWERR Asia)" initiative, backed by US$10 billion in financial support, to help Asian countries procure energy resources and bolster their stockpiles, according to the minister.
Supply disruptions caused by the US-Israeli war on Iran have raised concerns about energy security in Asia, Akazawa said.
Japan will also host a special session with Saudi Arabia and the United Arab Emirates to strengthen cooperation between oil producers and Asian consumers and enhance resilience in the global energy system, he said.
Akazawa added that Japan aims to serve as a hub linking Middle Eastern oil-producing countries with Asian oil consumers.