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Japan pledges $10bn to help Asian countries deal with oil crisis
The package will be routed through state-backed lenders and aims to cover as much as 1.2 billion barrels of oil, Takaichi said.
- On Wednesday, Apr 15, Japanese Prime Minister Sanae Takaichi announced a $10 billion financial framework to help Southeast Asian nations purchase crude oil amid surging prices and Middle East tensions.
- Takaichi introduced the initiative at the "AZEC Plus" meeting, where about 90% of crude oil passing through the Strait of Hormuz is destined for Asia, creating supply vulnerabilities across the region.
- "Supporting Asian countries' supply chains would in turn bolster Japan," Takaichi said, noting the framework compensates for credit shortages disrupting essential medical equipment imports to Japan.
- State-Backed institutions including Japan Bank for International Cooperation and Nippon Export and Investment Insurance will channel the support, equivalent to roughly one year of crude oil imports by ASEAN.
- While Japan will release 36 million barrels from national reserves beginning in May, Takaichi confirmed the framework does not involve sharing Japan's stockpiles, protecting domestic supply.
39 Articles
39 Articles
support, aimed at avoiding indirect effects on Japan's own supply chains, will be channelled mainly through financial institutions supported by the State
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Japanese Prime Minister announces a $10 billion financial aid package to support Asian countries in sourcing crude oil amid tensions in the Middle East.
Japan announces $10 billion in subsidies for oil-strapped Southeast Asia
Japan announced on Wednesday that it would provide $10 billion in financial aid to Southeast Asian countries hit hardest by a surge in oil prices. Southeast Asian countries have been the worst hit by disruptions to global oil supplies due to Iran’s blockade of the Strait of Hormuz, with Bangladesh the first to face the possibility of its fuel supplies completely running out. In an effort to forestall the possibly catastrophic economic impacts on…
Japan offers $10 billion support to help Asian neighbours secure oil
Japan said on Wednesday it would establish a financial framework worth about $10 billion to help Asian countries procure energy resources and bolster their stockpiles as Middle East tensions drive prices higher and disrupt supply chains. The support, aimed at preventing knock-on effects on Japan's own supply chains, would be channelled mainly through state-backed financial institutions such as Japan Bank for International Cooperation (JBIC) and …
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