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Australia Announces Major Fuel Security Package to Strengthen Reserves
(MENAFN) Australia has unveiled a major fuel security initiative worth more than 10 billion Australian dollars (around $7.2 billion) amid ongoing global uncertainty, according to an official statement from the prime minister’s office on Wednesday.
The package, set to be included in next week’s federal budget, will establish a government-owned fuel reserve of roughly one billion liters and expand domestic storage capacity to guarantee at least 50 days of national fuel supply.
Officials said the measures are intended to safeguard essential services and critical industries during potential global disruptions.
A significant portion of the plan includes about 7.5 billion dollars allocated for a combined fuel and fertilizer security facility.
An additional 3.2 billion dollars will be used to create the national fuel reserve, with a focus on diesel and aviation fuel stocks.
The government also plans to raise mandatory fuel stockholding requirements by approximately 10 days across all fuel types, while investing in expanded storage infrastructure and conducting feasibility studies into refining capacity.
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