Australia launches $7.2bn fuel reserve to boost security
Australian Prime Minister Anthony Albanese has unveiled a 10 billion Australian dollar ($7.22 billion) package aimed at strengthening the country’s fuel reserves and establishing a government-owned stockpile, as part of efforts to protect Australia from global supply disruptions.
The proposed reserve, estimated at around 1 billion litres (264 million gallons), is expected to ensure that Australia maintains at least 50 days of fuel storage onshore, News.Az reports, citing Al Jazeera.
According to Albanese, the initiative is designed to safeguard the nation against future supply shocks and reinforce long-term energy resilience.
“This is aimed at making sure Australians can have more confidence in protecting our energy sovereignty, not just during this crisis but going forward as well, protecting our nation’s energy interests,” he said during a press conference.
RECOMMENDED STORIES
- Indian FM official: We want to establish transport links between the port of Chabahar and Armenia
- Microsoft may delay 2030 clean energy target, report says
- Saudi Arabia posts $33.5B budget deficit on oil revenue drop
- US bases in Middle East hit by far more Iranian strikes than reported, satellite images show
Albanese added that the fuel security reserve will be specifically focused on addressing regional shortages and supply constraints, particularly for essential users, in the event of another disruption.
Australia currently relies heavily on imports for its fuel needs, sourcing approximately 80 percent from overseas. The country has already experienced localized shortages, as global oil and gas flows remain under pressure due to the blockade in the Strait of Hormuz.
By Nijat Babayev
Similar news
