Australia, Singapore Strengthen Energy Trade
“We will keep trade flowing between our two countries. Essential goods will continue to move between Australia and Singapore,” said Singaporean Prime Minister Lawrence Wong during a joint press briefing with Australian Prime Minister Anthony Albanese following their meeting.
The trade relationship includes liquefied natural gas (LNG), with Australia providing around 32% of Singapore’s demand. It also covers refined petroleum products like diesel, where Singapore supplies approximately 25% of Australia’s fuel needs.
“As a global refining hub, we will keep these flows going -- as long as upstream supplies continue,” said Wong.
The two governments are also progressing toward a “legally binding protocol on economic resilience and essential supplies, covering energy and other critical sectors,” Wong stated, calling it “building trusted supply lines for a more uncertain future.”
In addition, Singapore and Australia plan to improve coordination in order to address external shocks that could disrupt either country or their shared supply networks.
Wong also noted that the two sides will soon convene their first Energy Ministerial Dialogue and create an Economic Resilience Dialogue to further strengthen cooperation.
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