Singaporean Prime Minister Lawrence Wong has assured Australian Prime Minister Anthony Albanese that fuel supplies will not be cut despite the international crisis. The pledge came during Albanese's whistle-stop visit to Singapore, which culminated in a new energy security agreement between the two nations.
The agreement commits both countries to 'make maximum efforts to meet each other's energy security needs' in refined fuels and liquefied natural gas (LNG). A legally binding addendum will be added to their free trade agreement to cover essential supplies. The move is a response to the 'acute energy crisis' triggered by the war in the Middle East, which has caused supply shocks and shipping interruptions through the Strait of Hormuz.
Singapore is Australia's largest supplier of petrol, accounting for 55% of Australia's petrol imports, alongside 22% of jet fuel and 15% of diesel—worth more than $10 billion annually. In return, Australia supplies 32% of Singapore's LNG, valued at about $5 billion. Both leaders emphasised the importance of their mutual reliance in ensuring energy security.
While the visit did not secure immediate additional fuel supplies, the government argued the agreement would lock in ongoing future supplies. Wong stated, 'This is not just about managing today's crisis. It's about building trusted supply lines for a more uncertain future.' Albanese also expressed openness to increasing Australian LNG exports to Singapore but sidestepped questions about a potential new gas export tax.
