In brief
- Anthony Albanese will meet with Singapore’s leader on Friday to discuss energy supply.
- Singapore is Australia’s biggest two-way trade partner in south-east Asia, and a key refined petrol supplier.
Prime Minister Anthony Albanese has touched down in Singapore, Australia’s key supplier of refined petrol, for crucial discussions aimed at securing additional fuel reserves amid ongoing global instability.
Albanese departed Australia on Thursday morning to prepare for a bilateral session with Singapore’s Prime Minister Lawrence Wong, scheduled for Friday.
This important face-to-face meeting follows U.S. President Donald Trump’s declaration of a temporary two-week ceasefire with Iran, contingent upon the reopening of the Strait of Hormuz shipping route by the Iranian regime.
Speaking on Thursday, Albanese emphasized the importance of the ceasefire, stating, “We want to see it pursued.”
However, he cautioned, “Even a permanent resolution of the conflict doesn’t necessarily mean the Strait of Hormuz will reopen, nor that operations will return to normal.”
Albanese expressed anticipation for a productive dialogue with Prime Minister Lawrence Wong, saying, “I’m looking forward to a constructive meeting with Prime Minister Lawrence Wong.”
Albanese’s objectives in Singapore
Albanese’s mission will involve convincing Singapore to prioritise Australia if the ceasefire fails, with trade in petrol and diesel to also feature heavily in discussions.
Australia relies on imports for an estimated 90 per cent of its refined petroleum products, and Singapore is the largest single supplier, accounting for more than half the nation’s intake.
In turn, Australia’s liquid natural gas resources are critical for Singapore.
Albanese said strengthening ties with Singapore would be crucial as the war in the Middle East and the closure of the strait disrupted global oil supplies.
“There’s been substantial damage in the Gulf and that will have consequences for a period of at least months ahead,” Albanese said.
Albanese will also visit Singapore’s Jurong Island, where the city-state has three oil refineries.
Production at the facilities has been limited as most of the oil processed there comes via the Strait of Hormuz.
Energy Minister Chris Bowen said supply was now guaranteed “several weeks” into May.
He said Australia obtained most of its fuel from Asia, but other purchases were coming from North America and Mexico after becoming available on short notice.
“Obviously, the closer it is to Australia, the better,” he told reporters on Thursday.
Singapore is Australia’s largest two-way trade partner in south-east Asia.
In March, Albanese and Wong signed a joint statement reaffirming Australia and Singapore’s commitments to continue trading in energy.
The statement said the countries would “support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas”.
Albanese’s trip is also expected to reinforce broader economic and security ties, with both nations seeking to maintain stable supply chains in an increasingly volatile geopolitical environment.
— With additional reporting by Agence France-Presse news agency.
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