Japan Unveils Energy Plan to Bypass Hormuz
Japan announced a comprehensive energy strategy to reduce its reliance on Middle Eastern crude oil following the closure of the Strait of Hormuz. The plan includes backing alternative pipelines, funding diverse procurement, and expanding clean energy sources.
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Japan unveiled a comprehensive plan on Wednesday afternoon to diversify its crude supplies and back pipeline projects bypassing the Strait of Hormuz. Prime Minister Sanae Takaichi ordered the $125.8B annual fossil-fuel overhaul following supply disruptions from the Iran war. Middle East imports previously accounted for 94% of the country's crude, leaving refiners vulnerable to transit closures.
