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Japan Unveils $10bn Fund to Tackle Asia Oil Crisis
Japan has announced a $10 billion support fund to help Southeast Asian nations cope with rising oil prices and potential supply disruptions.
Prime Minister Sanae Takaichi made the announcement after holding a virtual meeting with regional leaders, saying the initiative—named “Power Asia”—will provide financial assistance to secure crude oil and petroleum products, as well as to maintain supply chains during emergencies.
The fund is also aimed at strengthening regional energy security by expanding oil reserve systems, diversifying energy sources, and promoting energy efficiency and industrial development.
Japan, which relies on Southeast Asia for various petroleum-related imports including medical supplies, is concerned that prolonged supply shortages in the region could have broader economic repercussions.
According to the prime minister, the scale of the fund is equivalent to roughly one year of oil imports for member states of the Association of Southeast Asian Nations, estimated at about 1.2 billion barrels.
She emphasised that the initiative is not only about ensuring oil supply but also about fostering regional cooperation, enabling Asian countries to better support one another during energy crises.