Australia allocates an additional $7.2 billion to enhance energy security
Melbourne, 7 May / WAM / The Australian government intends to allocate an additional 10 billion Australian dollars (about 7.23 billion US dollars) to increase fuel stocks and create emergency reserves, in order to enhance energy security in the country.
Australian Prime Minister Anthony Albanese explained that the plan includes expanding stocks to about one billion liters of fuel, ensuring that the country maintains at least 50 days of supplies within its territory, compared to about 30 days currently, which relies heavily on stocks held by private companies.
The Prime Minister indicated that this step comes in light of Australia’s dependence on importing about 80% of its fuel needs, in addition to its exposure to local shortages in some areas since the outbreak of tensions in the Middle East.
He stressed that the new package, which will be included in the upcoming federal budget, aims to enhance energy security and national sovereignty in this vital sector, saying that the plan aims to ensure that Australians are able to face current and future crises with greater confidence.
The package includes allocating A$3.2 billion to establish fuel reserves, with a focus on increasing the supply and long-term storage of diesel and aviation fuel, especially in areas that may face supply shortages.
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