Japan Aims to Agree Action Plans with Asian Partners to Bolster Oil Reserves
Japan aims to agree 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, Industry Minister Ryosei Akazawa said on October 6, according to Reuters.
The plans sit under the 'Partnership in Wide Energy and Resources Resilience Asia' (POWERR Asia) initiative proposed by Prime Minister Sanae Takaichi in April, backed by $10 billion in financial support to help Asian countries procure energy resources and bolster stockpiles. Japan will discuss support measures country by country with the aim of agreement on Thursday.
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, Akazawa said, describing Japan as a hub linking the two sides. Supply disruptions from the US-Israeli war on Iran form the direct backdrop.
More than 90 percent of Japan's crude oil imports come from the Middle East, making energy security a foundational issue. For Chinese families in Japan, the stakes arrive as fuel and electricity bills; for energy traders, Japan-led reserve cooperation may reshape regional procurement.
Published by GSM · USA (original Chinese edition)
Photo: 图：日本京滨工业地带的化工装置黄昏景象。摄影：Laika ac，CC BY-SA 2.0，来源：Wikimedia Commons
