Industry minister Ryosei Akazawa said Japan wants action plans with Asian partners to build crude stockpiles at an AZEC meeting in the Philippines on Thursday, under a $10 billion initiative.
Japan wants to agree action plans with Asian partners to raise regional crude-oil reserves at a ministerial meeting of the Asia Zero Emission Community in the Philippines on Thursday, industry minister Ryosei Akazawa said on Tuesday.
The talks sit under the Partnership in Wide Energy and Resources Resilience Asia initiative, which Prime Minister Sanae Takaichi proposed in April and which is backed by $10 billion in financial support. Reuters said the aim is to help Asian countries buy energy and build stockpiles. Akazawa said Japan would discuss support measures with participating countries with the goal of an agreement on Thursday.
He also said Japan would host a special session with Saudi Arabia and the United Arab Emirates to tighten links between producers and Asian consumers. He described Japan as a hub between Middle Eastern suppliers and Asian buyers.
The push follows supply worries tied to the US-Israeli war with Iran, Reuters reported. No country-by-country stockpile targets were published in the minister's remarks.
The AZEC meeting is set for Thursday. Akazawa did not announce a signed plan on Tuesday.
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- Ryosei Akazawa said Japan would seek an agreement on Thursday on support measures for regional oil stockpiles.