Japan Seeks Asian Deal to Build Up Oil Reserves at Manila Meeting
Japan wants action plans with Asian partners to boost crude stockpiles, backed by a $10 billion initiative, at a ministerial meeting in the Philippines on Thursday.
TOKYO, Oct 6 (Reuters) - 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 (AZEC) in the Philippines on Thursday, the industry minister said on Tuesday.
• In April, Prime Minister Sanae Takaichi proposed the "Partnership in Wide Energy and Resources Resilience Asia (POWERR Asia)" initiative, backed by $10 billion in financial support, to help Asian countries procure energy resources and bolster their stockpiles
• Under the initiative, Japan will discuss support measures with participating countries with the aim of reaching an agreement on Thursday, Economy, Trade and Industry Minister Ryosei Akazawa told a press conference
• Supply disruptions caused by the US-Israeli war on Iran have raised concerns about energy security in Asia
• 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
• Japan aims to serve as a hub linking Middle Eastern oil-producing countries with Asian oil consumers, he said
(Reporting by Yuka Obayashi; Editing by Kate Mayberry)
