Japan's Ministry of Economy, Trade and Industry plans to add coal to the energy projects that it provides with financial support in order to enhance the country's energy security, a METI official said Wednesday.
Japan
's
Ministry of Economy, Trade and Industry plans to add coal to the energy
projects that it provides with financial support in order to enhance the
country's energy security, a METI official said Wednesday.
The move is in response to intensified competition for the fossil fuel with
China
and
India
, said
the official, who asked not to be named.
METI late last month placed a request to the Ministry of Finance to allocate
Y6.7 billion for investment in coal exploration and underwriting loans for coal
developments that involve Japanese companies in the fiscal year that starts
next April.
Next financial year's budget will be announced by the end of December.
METI currently provides financial support to oil and natural gas exploration
and development through Japan Oil, Gas and Metals National Corp., or Jogmec.
METI already conducts basic coal exploration work like collecting geographical
data through the New Energy and Industrial Technology Development Organization.
Jogmec will take over this basic research responsibility for coal from NEDO,
the official said.
Japan
has
been the world's largest coal importer by volume for years, but its strong
standing as a big buyer is being threatened as
China
and
India
rapidly catch up.
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