Australia and Singapore yesterday agreed to the continued flow of refined fuel and liquefied natural gas (LNG) as the trading partners boosted ties amid a shaky ceasefire between the US and Iran.
Australia relies on imports for an estimated 90 percent of its refined fuel products, of which about one-quarter comes from Singapore.
Singapore, in turn relies on LNG from Australia, with Canberra sending about 32 percent of the city-state’s needs as its largest supplier.
Photo: AFP / LianHe Zaobao / Chia Ti Yan
The two nations signed a non-binding agreement yesterday, saying that they would make “maximum efforts to meet each other’s energy security needs” as the Strait of Hormuz remains largely closed.
“I have assured Prime Minister Albanese that Singapore will continue supplying refined fuels to Australia,” Singaporean Prime Minister Lawrence Wong (黃循財) said at a news conference.
“We will keep these flows going as long as upstream supplies continue,” he said.
Albanese, who earlier yesterday visited a refinery and LNG terminal on Singapore’s strategic Jurong Island, said it was vitally important for Australia and its Asian partners to coordinate a mutual response to the crisis.
Albanese said just as Singapore undertook to send fuel supplies, Australia, as a reliable LNG supplier, “gives Singapore confidence to be able to engage ... as an important part of ... the region’s economy.”
“This is an important relationship at a time where fuel security is on the agenda, right around the globe due to the conflict in the Middle East,” Albanese said on his arrival in Singapore on Thursday.
Three percent of service stations across Australia were reported this week to have run out of diesel.
Australian Minister for Climate Change and Energy Chris Bowen on Thursday said that 216 service stations across Australia were without diesel — about 2.7 percent of the total.
The nation has 39 days’ worth of gasoline stored up, he added.
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