Arab News Japan
TOKYO: Following Iran’s move to close the Strait of Hormuz, which is likely to trigger huge oil price rises, Japanese parliamentarian SUZUKI Muneo believes that Russia can provide an alternative solution for Japan’s energy needs.
“Russia possesses vast reserves of oil and gas — among the largest in the world,” Suzuki wrote in his blog. “Oil from the Middle East takes a considerable amount of time to reach Japan, while shipments from Vladivostok, Russia, can arrive in half a day.”
Suzuki said that while Japan relies on the Middle East for more than 90 percent of its oil needs, it has sufficient reserves for 254 days and there is no immediate threat, although there is concern about the potential rise in crude oil prices.
Suzuki, a member of the ruling Liberal Democratic Party, said that 53 years ago the first oil crisis occurred when only 10 percent of crude oil supplies to Japan were interrupted, leading to panic buying and a shortage of toilet paper. “The situation turned into a frantic struggle over a number of days,” he said. “Those systems, for a long time, exposed Japan’s limited resources.”
Suzuki, who is a long-term supporter of good ties with Russia , believes that Japan should strongly advocate for the lifting of economic sanctions against Russia. Doing so, he says, could also help move the Ukraine war toward resolution.
Japan is engaged in strategic investments in Russia, with a primary focus on ensuring energy security through the Sakhalin-1 and Sakhalin-2 oil and natural gas projects. These initiatives continue to proceed notwithstanding the international sanctions that were imposed following the invasion of Ukraine in 2022.
Japanese government-supported entities and trading houses continue to hold these interests, as they regard them as essential for the nation’s energy security, even though numerous other Japanese companies have chosen to withdraw.
