Japan will work with other G7 nations to reduce its dependence on Russian energy, the country's Trade and Industry Minister Hagiuda Koichi said on Tuesday.
After the agreement on Friday made by G7 energy ministers to secure alternative and sustainable supplies to reduce their reliance on Russian energy, Japan will similarly diversify away from energy dependency on Russia, taking into account its stakes in oil and LNG projects in Russia's far eastern Sakhalin Island.
The move is an international initiative to phase out dependency on Russian oil and gas, which was first initiated by the US after it unilaterally banned Russian oil imports.
It follows the International Energy Agency’s (IEA) 10-point plan on how European countries can reduce their reliance on Russian gas supplies by next winter.
'We will strive to diversify our energy sources, including renewables and nuclear power,” Hagiuda said, adding that securing alternative power sources through liquefied-natural-gas and other projects outside Russia is also among its plans.
Japan depends on imports for virtually all of its energy resources, despite being the fifth-largest energy consumer worldwide.
Japanese private companies, including refiners, hold about 175 million barrels of crude and oil products in their Strategic Petroleum Reserves (SPR), a quantity sufficient to cover consumption for around 90 days, according to state agency Jogmec.
Russia is the third-largest oil producer globally and the largest exporter worldwide, playing a pivotal role in global energy markets.
It exports approximately 5 million barrels a day of crude oil, representing roughly 12% of global trade. The supply of an average of 2.85 million barrels a day of petroleum products represents around 15% of the refined product trade globally.
Around 60% of Russian oil exports go to Europe, and 20% to China.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr