PM eyes fuel security deal ahead of Singapore talks
Ties between Australia and Singapore are more important than ever, says Anthony Albanese, who is set to sign a new fuel deal with his Asian counterpart amid turmoil in the Middle East.
Mr Albanese touched down in Singapore on Thursday night ahead of official talks with Lawrence Wong during a brief visit to the city-state on Friday.
Singapore is Australia’s biggest supplier of refined oil and the prime minister is trying to broker a deal that will keep supplies going at a time when global oil markets have been hit by conflict in the Middle East and the closure of the Strait of Hormuz.
“This is an important relationship at a time when fuel security is on the agenda around the world due to conflicts in the Middle East. This relationship is more important than ever,” he told reporters in Singapore.
“We know it is in the interest of both our countries to engage with each other to ensure that we are both reliable suppliers, and our commitment means something.”
“We have a commitment to each other and we actually have each other’s backs right now.”
Singapore supplies 55 percent of Australia’s refined oil and 26 percent of all refined fuels entering the country.
Australia is also Singapore’s second largest supplier of LNG and is responsible for almost a third of its total gas supply.
“Australia and Singapore are strategically aligned. We share values and we share a relationship of trust with each other. That’s why it’s so important that we can rely on each other in difficult times for the world,” Mr Albanese said. he said.
Ahead of his official bilateral meeting with Mr Wong, Mr Albanese will also visit Singapore’s Jurong Island, 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.
The Prime Minister said that his visit to Singapore in a short time strengthened the ties between the two countries.
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.”
Acting Prime Minister Richard Marles said Australia was working with other countries in the region to keep fuel flowing.
“We are working with our partners in East Asia to secure Australia’s fuel supplies… and the prime minister’s visit to Singapore is very much part of that effort,” he told ABC Radio.
