finance
Australia Secures Fuel Supply Commitments from Asian Partners
The Australian government has conducted diplomatic efforts across Asia to ensure continued imports of refined oil products. Joint statements with Japan, South Korea, Singapore, Malaysia and Brunei followed talks aimed at preventing supply disruptions. Officials reported increased fuel reserves and announced plans to build a domestic fuel reserve of one billion litres.
May 10, 12:00 AM·2m read1 source
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Japanese Prime Minister Sanae Takaichi visited Canberra this week and joined in a joint statement on energy security with her Australian counterpart. The statement followed similar declarations with South Korea, Singapore, Malaysia and Brunei. These agreements have helped reassure consumers and companies that regional partners will continue fuel shipments rather than restrict them to meet domestic needs.
While Australia exports large volumes of liquefied natural gas and coal, the country relies on imports of refined oil products from Asian refineries that process crude oil from the Middle East. The foreign minister flew to China last week to seek resumption of jet fuel sales to Australian businesses.
Beijing had imposed curbs on exports of oil products after the United States and Israel launched their war on Iran. Officials told their Chinese counterparts that reliable fuel supplies to Australia support continued exports of Australian liquefied natural gas and coal to Asian markets.
The diplomatic efforts have calmed concerns that led to panic buying at petrol stations in March and April. At that time, the government issued daily updates on fuel availability after some stations ran dry.
The chief executive of airline Qantas, which has cut some routes because of jet fuel costs, said this week she was increasingly confident about supplies after the government's diplomatic efforts. The executive told investors at a conference organised by the financial group Macquarie that engagement with Beijing would soon bring increased supplies from China to supplement shipments from the United States and Mexico.
