Australia and Singapore agreed to the continued flow of refined fuel and liquefied natural gas (LNG) as the trading partners boosted ties amid a shaky ceasefire between the United States and Iran, reports Reuters.

Australia relies on imports for an estimated 90 per cent of its refined fuel products, of which around a quarter comes from Singapore.
Singapore, in turn relies on LNG from Australia, with Canberra sending around 32pc of the city-state’s needs as its largest supplier.

The two countries signed a non-binding agreement, saying they would make “maximum efforts to meet each other’s energy security needs” as the Strait of Hormuz remains largely closed.

“I have assured Prime Minister Albanese that Singapore will continue supplying refined fuels to Australia,” Singapore Prime Minister Lawrence Wong said at a press conference.

He added: “We will keep these flows going as long as upstream supplies continue.”

Albanese, who earlier visited a refinery and LNG terminal on Singapore’s strategic Jurong Island, said it was vitally important for Australia and its Asian partners to coordinate a mutual response to the crisis.

Albanese said just as Singapore undertook to send fuel supplies, Australia, as a reliable LNG supplier, “gives Singapore confidence to be able to engage…as an important part of… the region’s economy.”

“This is an important relationship at a time where fuel security is on the agenda, right around the globe due to the conflict in the Middle East,” the Australian leader said on arrival in Singapore.