TOKYO, June 11 (HS/RIA Novosti) - Japanese Prime Minister Sanae Takaichi plans to propose three principles for strengthening energy security at the G7 summit in France next week, Kyodo News reported on Thursday, citing government sources.

The initiative is expected to be presented during a session on energy and economic security, Kyodo said. The proposed measures are aimed at preserving free and transparent energy trade, expanding strategic petroleum reserves, and strengthening cooperation between oil-producing and oil-consuming countries, the news agency added.

Under the first principle Japan will reportedly call for the protection of key maritime routes, opposition to non-transparent export restrictions, and resistance to transit fees imposed on passage through international straits.

Expanding strategic petroleum reserves is intended to help countries meet the International Energy Agency’s requirement of maintaining oil stocks equivalent to at least 90 days of net imports, Kyodo said.

Japan also plans to advocate the development of alternative maritime transportation routes in case critical chokepoints, such as the Strait of Hormuz, become inaccessible, the news agency reported.

The escalation around Iran led to the blocking of the Strait of Hormuz, a key supply route for oil and liquefied natural gas from the Persian Gulf countries to the world market, and affected oil production and export levels of countries in the region. As the waterway remains blocked, most countries have seen sharp increases in the prices of fuel and industrial products.

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Hindusthan Samachar / Indrani Sarkar