Singapore, Australia To Keep LNG And Diesel Trade Steady, Working On Binding Agreement

SINGAPORE, April 10 (Bernama) -- Singapore and Australia on Friday have pledged to keep essential trade flowing between the two countries, including liquefied natural gas (LNG) and refined petroleum products. 

Speaking in a joint press conference, Singapore Prime Minister Lawrence Wong reiterated the republic's stand on a continuous supply of refined petroleum products, including diesel, to Australia.

Likewise, Australian Prime Minister Anthony Albanese also gave his assurance on the commitment to continually supply LNG to Singapore.

 "We are moving quickly to translate these commitments into action and working towards a legally binding protocol on economic resilience and essential supplies, covering energy and other critical sectors. 

"This is not just about managing today's crisis; it is about building trusted supply lines for a more uncertain future," said Wong.

According to Wong, officials from both countries had extensive discussions on the protocol and agreed to accelerate the negotiations, with the aim of concluding the agreement soon.

Albanese is currently on a three-day official visit to Singapore from April 9 to 11, 2026, and also toured the Singapore LNG Terminal and the Singapore Refining Company on Jurong Island on Friday.

The two prime ministers on Friday signed a Joint Statement on Economic Resilience and Essential Supplies, which laid out concrete steps towards greater supply chain resilience. 

This includes the conclusion of a legally binding Protocol to the Singapore-Australia Free Trade Agreement (SAFTA) on Economic Resilience and Essential Supplies, the establishment of an Australia-Singapore Economic Resilience Dialogue and convening the inaugural Energy Ministerial Dialogue.

"These platforms will enable us to deepen cooperation as the situation evolves and preserve the flow of essential supplies between our two countries," Wong added. 

Meanwhile, Albanese said the long-standing good bilateral relationship between Australia and Singapore has helped to deliver energy security between the two nations amid the ongoing global energy crisis. 

He noted that the best way to deal with the current global energy crisis is to work together with neighbouring partners by building regional cooperation to ensure energy security and economic resilience.

"Around 25 per cent of Australia's fuel comes from Singapore's refineries, and we visited them this morning, while Australia supplies around 32 per cent of Singapore's LNG.

"It is vitally important that we coordinate our response to the global fuel crisis and cooperate so that both of our economies are more resilient," he added. 

-- BERNAMA