Australia, Singapore pledge steady energy trade flows

Australia and Singapore on Friday said they will continue to supply each other with energy sources they export.

"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 conference with Australian Prime Minister Anthony Albanese after the two leaders met.

The trade includes liquefied natural gas (LNG), with Australia supplying roughly 32% of Singapore’s needs, and refined petroleum products such as diesel, with Singapore providing about 25% of Australia’s fuel.

"As a global refining hub, we will keep these flows going -- as long as upstream supplies continue," said Wong.

The two countries are working towards a "legally binding protocol on economic resilience and essential supplies, covering energy and other critical sectors," Wong said, describing it as "building trusted supply lines for a more uncertain future."

Singapore and Australia will also enhance coordination to respond to external disruptions that could affect both countries or their supply chains.

The two countries will soon hold their first Energy Ministerial Dialogue and establish an Economic Resilience Dialogue, Wong added.

"The conflict in the Middle East is a long way from our region, but every nation in our region is being affected by it. By building regional cooperation on energy security and economic resilience, we strengthen our own fuel security and our own economy," Albanese said.

Albanese has been on a three-day visit to Singapore since Thursday.