Japan Announces 10-B.-Dlr Oil Procurement Cooperation

Tokyo, April 15 (Jiji Press)--Japanese Prime Minister Sanae Takaichi on Wednesday announced financial cooperation totaling around 10 billion dollars to help countries and companies procure crude oil, amid the ongoing uncertainty in the Middle East.

Takaichi announced the measure at an online summit meeting related to the Japan-led Asia Zero Emission Community framework involving Southeast Asian countries and Australia.

"We are closely linked to Asian countries through our supply chains," Takaichi told reporters after the meeting.

"Fuel shortages and supply chain stagnation in Asia have a negative impact on our nation's economy," she said, noting that Japan imports many dialysis devices and surgical gloves from Asian countries.

In the meeting, the prime minister launched the "Partnership On Wide Energy and Resources Resilience," a new cooperation framework for establishing a regional crude oil reserve and release system, supporting the construction of storage tanks and other infrastructure, diversifying energy sources and promoting energy-saving investments.

[Copyright The Jiji Press, Ltd.]