Kathmandu. Focusing on strengthening its energy security, the Japanese government has proposed to expand the scope of the system to provide reinsurance coverage for tankers carrying crude oil and other cargo in Japan. <\/p>\n
According to a report in The Japan News, government sources have said that the measure, which currently applies only to ‘Iranian crude’, will be amended to include crude oil and liquefied natural gas (LNG) from countries other than Iran. This will help reduce risks for shipping companies and provide flexible protections for energy suppliers. <\/p>\n
The report said, “Under the special measures law implemented in 2012, the government introduced a measure to provide reinsurance-like coverage for tankers without reinsurance. However, this measure only applied to Iranian crude oil. Because at the time, EU sanctions prevented reinsurance for Iranian crude. This raised concerns that imports to Japan could be stopped. Therefore, the government took steps to provide coverage that would otherwise be provided by reinsurance. \u2019<\/p>\n
According to the sources cited in the report, the amended law will allow this special measure to be applied to “countries designated by the order of the cabinet”. This will allow it to be used flexibly for countries other than Iran. In addition to crude oil, petroleum products such as naphtha (which is used as a raw material for many daily plastic products) and LNG will also be eligible for coverage. <\/p>\n
According to reports, the Japanese government plans to extend this measure to more countries. Where more energy suppliers are hit by Western sanctions. This could lead to a sudden disruption of supplies in Japan. No specific countries have been finalized yet. The Japanese government will review this measure to prepare for future risks. <\/p>\n
The Japanese government is diversifying its energy procurement methods, learning from rising tensions in the Middle East, the report said. The government also plans to provide reinsurance-like coverage for voluntary insurance of tanker cargo and hulls. -Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Focusing on strengthening its energy security, the Japanese government has proposed to expand the scope of the system to provide reinsurance coverage for tankers carrying crude oil and other cargo in Japan. According to a report in The Japan News, government sources have said that the measure, which currently applies only to ‘Iranian crude’, […]<\/p>\n","protected":false},"author":16,"featured_media":319458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-319460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=319460"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319460\/revisions"}],"predecessor-version":[{"id":319461,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319460\/revisions\/319461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/319458"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=319460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=319460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=319460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}