Anthony Albanese to attend leaders’ meeting with Singapore PM Lawrence Wong

Anthony Albanese will hold official talks with Singapore Prime Minister Lawrence Wong as part of efforts to support Australia’s fuel supplies.

Singapore is Asia’s largest oil trading center and the world’s sixth largest refining export centre.

Its exports account for 26 percent of Australia’s total refined fuel stock. Singapore supplies 55 percent of the country’s oil, 22 percent of its jet fuel and 15 percent of its diesel.

In contrast, Australia is Singapore’s second largest supplier of liquefied natural gas (LNG), supplying the Indo-Pacific nation with 32 percent of its supply.

The leaders last met face-to-face in October, but agreed to speed up negotiations on a trade deal on essential materials following the outbreak of war in the Middle East in March.

The agreement will commit both countries to keep fuel and gas flowing and to consult each other on any disruptions affecting energy trade.

Part of this agreement also included addressing import and export restrictions, and in the context of a constrained market it appears these environments will be on the agenda for the upcoming meeting.

Friday’s talks between the two leaders will follow Mr Albanese’s visit to Jurong Island, a 3,000-hectare offshore island near Singapore’s CBD that is home to the country’s three main refineries as well as more than 100 global companies involved in the oil or petrochemical trade.

Singapore has no domestic crude oil reserves, but has leveraged its enormous refining capacity, with the ability to pump more than 800,000 barrels per day, to become a leader in global refined oil exports.

Before the war, about 70 percent of Singapore’s crude oil came from the Middle East, but the country’s supply mix was diversifying with shipments from Africa, India and Malaysia.

More to come.