Albanese seeks out fuel supply deal in Singapore visit
Anthony Albanese hopes talks with his Singaporean counterpart will lead to an increase in domestic fuel supplies amid conflicts in the Middle East.
The Prime Minister left Australia on Thursday morning ahead of a bilateral meeting with Singaporean leader Lawrence Wong on Friday.
In addition to energy, oil and diesel trade will also feature heavily in the discussions; Singapore is Australia’s largest supplier of refined oil, accounting for more than half of its purchases.
Mr Albanese said strengthening ties with Singapore was vital as global oil supplies were affected by the war in the Middle East and the closure of the Strait of Hormuz.
“I look forward to a constructive meeting with Prime Minister Lawrence Wong tomorrow. This is an important relationship,” he told reporters in Brisbane on Thursday.
“We have spent four years building relationships in our region, especially with ASEAN leaders.
“Our relationship is a critical one and of course Singapore is a major fuel supplier to Australia.”
The Prime Minister said the quickly convened meeting in Singapore demonstrated the depth of ties with the Asian country.
“We do not allow one-on-one meetings at leadership level in advance, but the fact that we were welcomed to Singapore at relatively short notice speaks to the strength of the relationship,” Mr Albanese said.
As well as meeting Singapore’s prime minister, Mr Albanese will also visit Jurong Island, where the city-state has three oil refineries.
However, production remained limited because most of the oil processed in the facilities came from the Strait of Hormuz.
Finance Minister Jim Chalmers said it would be critical to increase support in Singapore.
“That’s why ministers are engaging with industry and supporting investment to ensure we get through this difficult period and emerge from the extreme uncertainty that we’re going through at the moment,” he told reporters in Melbourne.
“We are a major LNG supplier to Singapore. Singapore is a really important refiner of our liquid fuels. It’s a relationship of very significant mutual economic benefit and one that can continue for a long time.”
Singapore is Australia’s largest two-way trading partner in southeast Asia.
In March, Mr. Albanese and Mr. Wong signed a joint statement confirming the two countries’ commitment to continue energy trade.
The statement said the countries would “support the flow of essential goods, including petroleum oils such as diesel and liquefied natural gas.”
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