Japan to Unveil New Oil Diversification Strategy

AI Summary

Japan is launching a new energy import diversification strategy aimed at reducing its dependence on Middle Eastern oil and gas, particularly by supporting alternative pipeline routes away from the Strait of Hormuz. The plan includes requiring energy companies to share the higher costs of importing crude from diversified sources.

Japan is today set to announce an energy import diversification plan that will include stipulations about support for pipelines in the Middle East aimed at diverting export oil flows away from the Strait of Hormuz. The plan also features a push to reduce the country’s reliance on oil and gas overall, and also reduce its reliance on Middle Eastern oil and gas specifically, Reuters has reported, citing Japanese media. The government also plans to make energy companies share the higher costs of importing crude from places other than the Middle…