Tokyo, Japan - US officials aim to secure a flurry of deals to boost American energy exports and diversify critical mineral supplies at talks with Asian counterparts in Japan this weekend, as the Iran war pushes up oil and gas prices.
The meeting will result in at least $30 billion in purchase commitments and other agreements spanning coal, oil, liquefied natural gas (LNG), and nuclear power, Bloomberg News reported.
Organized before the Iran war, the Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo was co-hosted by US President Donald Trump's National Energy Dominance Council and Japan.
More than a dozen US government representatives were set to be present, with some 18 nations represented including Australia, Bangladesh, and South Korea.
US Energy Secretary Chris Wright's attendance was reportedly canceled at the last minute because of the Middle East crisis, with Brent Crude over $100 per barrel and the Strait of Hormuz effectively closed.
"Building strong partnerships with our Indo-Pacific allies is essential to advancing President Donald J. Trump's vision for American Energy Dominance," US Interior Secretary Doug Burgum said.
The aim is to "strengthen energy security, expand US energy exports, and counter the coercive influences of China and Russia," Burgum said in a statement.
Japan reaches massive investments agreement with US
The meeting comes ahead of Japanese Prime Minister Sanae Takaichi traveling to Washington for what she has said will be "candid" talks with Trump on March 19.
Japan pledged last year to invest $550 billion in the US in return for lowering threatened tariffs of 25% to 15%.
The promises remain valid even after the US Supreme Court struck down Trump's global tariffs in February, and he imposed a new blanket 10% duty on imports.
Tokyo and Washington announced before that ruling a first tranche of $36 billion in investments for three infrastructure projects, and more may be revealed next week.
Takaichi is also expected to announce Tokyo's participation in the "Golden Dome" US missile and satellite defense system trumpeted by Trump, Japan's Yomiuri daily reported on Friday.