Japan plans to establish a financial framework worth about $10 billion to help Asian countries secure energy resources, as heightened conflict in the Middle East intensifies competition for oil, News.Az reports, citing foreign media.
The support is aimed at preventing knock-on disruptions to Japan’s own supply chains and would be channelled mainly through state-backed financial institutions such as Japan Bank for International Cooperation and Nippon Export and Investment Insurance.
Announcing the plan, Prime Minister Sanae Takaichi said the support would be equivalent to as much as 1.2 billion barrels of oil, roughly equal to about one year’s worth of crude oil imports by the Association of Southeast Asian Nations (ASEAN).
