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Japan approves grants to offset higher oil shipping costs
The bills now move to debate in Japan’s Parliament as the government seeks greater oil supply diversification and energy security.
Japan’s government approved three bills aimed at boosting diversification of oil supplies and strengthening energy security, OilPrice reports.
One part of the package would provide grants to compensate oil importers for higher shipping costs incurred when sourcing crude from alternative suppliers.
The legislation is now expected to be introduced for debate in Japan’s Parliament, according to the report.
The measures are intended to improve supply security through diversifying crude oil sources, the outlet said.
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