Akazawa Calls for Diversifying Energy Supply Sources

Tokyo, March 15 (Jiji Press)–Japanese industry minister Ryosei Akazawa has called on countries and regions in Asia to diversify energy supply sources amid rising Middle East tensions. In an address at an Indo-Pacific Energy Security Ministerial and Business Forum meeting held in Tokyo on Saturday, Akazawa said that Asian nations and regions depend on imports for more than 80 pct of energy they use and that they have been hit hard by energy supply problems stemming from the ongoing conflict between U.S.-Israeli forces and Iran. Crude oil prices are surging to fuel concerns over higher global inflation as the Strait of Hormuz, a critical oil shipping route for the world, has effectively been blocked due to the tense situation in the Middle East. Relying too much on a single solution would lead to vulnerability, Akazawa said, adding that diversification has always been at the center of energy security in the Asia-Pacific region. The energy security forum meeting, co-sponsored by the Japanese and U.S. governments, is slated to run until Sunday, bringing together cabinet ministers and business leaders from more than 10 countries. END [Copyright The Jiji Press, Ltd.]