PM seeks fuel assurance in Singapore amid tensions
Australia’s fuel supply is virtually guaranteed until June; as the prime minister flew to Singapore for high-stakes talks to boost stocks amid global uncertainty.
Anthony Albanese left Australia on Thursday morning ahead of a bilateral meeting with his Singaporean counterpart Lawrence Wong on Friday.
The one-on-one meeting took place after US President Donald Trump announced a two-week ceasefire with Iran on the condition that the regime immediately reopen the Strait of Hormuz shipping lane.
“We want to see it followed through,” Mr. Albanese said of the ceasefire on Thursday.
“Even if what we want to see is a permanent end to the conflict, that doesn’t mean the Strait of Hormuz is reopened and things go back to normal.
“I look forward to a constructive meeting with Prime Minister Lawrence Wong.”
Mr Albanese’s mission will include persuading Singapore to prioritize Australia if the ceasefire fails, with oil and diesel trading also to feature heavily in the discussions.
Singapore is Australia’s largest supplier of refined oil, accounting for more than half of the country’s consumption.
Mr Albanese said strengthening ties with Singapore was vital as the war in the Middle East and the closure of the strait disrupted global oil supplies.
“There has been significant damage to the Gulf and the consequences will last for months at least,” Mr Albanese said.
Mr Albanese will also visit Singapore’s Jurong Island on Friday, where the city-state has three oil refineries.
Production was limited because most of the oil processed in the facilities came from the Strait of Hormuz.
Energy Minister Chris Bowen said supply was now guaranteed for “a few weeks” into May.
He said Australia bought most of its fuel from Asia, but other purchases soon came from North America and Mexico.
“Obviously the closer to Australia the better,” he told reporters on Thursday.
Singapore is Australia’s largest two-way trading partner in Southeast Asia.
In March, Mr Albanese and Mr Wong signed a joint statement confirming Australia and Singapore’s 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.”
Mr Albanese’s visit is expected to strengthen wider economic and security ties as both countries seek to maintain stable supply chains in an increasingly unstable geopolitical environment.
Australia’s Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national news channel and has been providing accurate, reliable and fast-paced news content to the media industry, government and corporate sector for 85 years. We inform Australia.
