Japan’s Takaichi to Unveil 3 Energy Security Principles at G7

Tokyo, June 11 (Jiji Press)–Japanese Prime Minister Sanae Takaichi plans to propose three principles on energy security at the upcoming Group of Seven summit in France, which opens Monday, informed sources said Thursday. With the proposal, Takaichi aims to seek support from Japan’s G7 partners for the Partnership on Wide Energy and Resources Resilience, or POWERR Asia, an energy assistance framework for countries facing difficulties procuring crude oil amid the worsening situation in the Middle East. The proposal is also designed to pave the way for expanding strategic oil reserves through broader international cooperation. Takaichi aims to reflect the proposal in an outcome document, government sources said. The proposal calls for ensuring free and transparent trade, strengthening oil reserves in cooperation with the International Energy Agency and fostering cooperation between oil-producing and oil-consuming countries. At the G7 summit, Japan aims to reach consensus on the importance of ensuring free and safe navigation through the Strait of Hormuz. The country also hopes to work together to strengthen the resilience of energy supply chains, including securing alternative sources of supply in the event of export restrictions, sources familiar with the matter said. The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union. END [Copyright The Jiji Press, Ltd.]