Japan oil industry looks beyond Strait of Hormuz for supplies

The head of Japan's petroleum industry group has disclosed plans to increase procurement of crude oil that bypasses the Strait of Hormuz by discussing with the central government ways to support Middle East oil producing nations that aim to expand their pipelines, Report informs via NHK World-Japan.

The president of the Petroleum Association of Japan, Kito Shunichi, who is also the chairman of major oil wholesaler Idemitsu Kosan, spoke to reporters at a news conference on Wednesday.

He referred to the tense standoff between the United States and Iran over the Strait of Hormuz, saying he extremely regrets the uncertainties that loom over the future of the Middle East.

He said that the United Arab Emirates and Saudi Arabia are expanding pipelines so crude can be transported without using the strait and have asked the Japanese government to become involved.

Kito said that if those routes can cover a significant share of demand, they would be vital for ensuring a stable supply, adding that the industry will explore supporting the effort alongside the government.