The Ministry of Economy, Trade and Industry of Japan announced that it will expand financial support for Japanese companies to invest in oil pipeline projects in the Middle East.

The stated aim is to strengthen alternative routes for transporting oil and gas in the Persian Gulf region to bypass the Strait of Hormuz.

Based on a document published by the ministry last week, providing risk capital is one of the options under consideration. The document is open for public consultation until the first of Shahrivar.

More than 90% of Japan’s crude oil imports last year passed through the Strait of Hormuz.

Sanae Takaiči, Japan’s prime minister, said last month that all of the country’s oil imports are currently supplied through routes that do not require passage through Hormuz.