Japan plans to offer up to $10 billion to Southeast Asian nations to help them handle rising crude oil prices caused by the war in the Middle East, Japanese Prime Minister Takaichi Sanae said.
The prime minister emphasized the necessity of mutual cooperation to strengthen the regional supply chain, NHK World reported on Wednesday.
Low oil reserves in the partner countries caused concerns about critical supply lines.
The aim of Japan's initiative is to support Asian nations in procuring crude oil from the US and other possible sources.
Japan also hopes the assistance will help maintain manufacturing bases in Asia for manufacturing medical gloves and plastic items used in dialysis.
