Industry minister Ryosei Akazawa said Japan wants action plans with Asian partners to raise crude stockpiles at an AZEC ministerial meeting in the Philippines on Thursday, under a $10 billion resilience initiative.
Japan aims to agree action plans with Asian partners to build 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.
In April, Prime Minister Sanae Takaichi proposed the Partnership in Wide Energy and Resources Resilience Asia initiative, backed by $10 billion in financial support, to help Asian countries procure energy and raise stockpiles. Akazawa told a press conference that Japan would discuss support measures with participating countries with the aim of an agreement on Thursday.
Reuters reported that supply disruptions from the US-Israeli war on Iran have raised energy-security concerns in Asia. Japan will also host a special session with Saudi Arabia and the United Arab Emirates.
Akazawa said Tokyo wants to act as a hub linking Middle Eastern producers with Asian consumers and to strengthen resilience in the global energy system.
The meeting is scheduled for Thursday. No action-plan text had been published at the time of the Reuters report.