Australia has approved the purchase of more than 600,000 barrels of jet fuel from China and 38,500 tonnes of agricultural urea from Brunei amid supply disruptions caused by the Iran conflict.
Australian Prime Minister Anthony Albanese, as reported by RIA Novosti on Tuesday, May 19, said the delivery of jet fuel would begin in early June.
"Following discussions between Australia and China, including between the Prime Minister and Chinese Premier Li, the Albanese Labor Government has helped secure three shipments of jet fuel totaling more than 600,000 barrels or about 100 million liters," the statement read.
According to government estimates, the additional jet fuel is equivalent to about 1 percent of Australia's annual consumption.
Canberra also managed to secure 38,500 tons of agricultural quality urea from Brunei to support farmers.
The supply was secured through a new Fuel and Fertiliser Security Facility worth 7.5 billion Australian dollars (about Rp94.8 trillion). This facility provides loans, guarantees, insurance, and price support for the transportation and agriculture sectors.
Meanwhile, Australian Foreign Minister Penny Wong said her country was working with regional countries to reduce the impact of the crisis on the global economy and ensure uninterrupted fuel supplies.
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