- The Hon Chris Bowen MP, Minister for Climate Change and Energy
- The Hon Madeleine King MP, Minister for Resources
Today, we are pleased to announce Australia and the Republic of Korea have renewed our commitment to work together to maintain a stable, secure and reliable supply of diesel and other liquid fuels.
This follows sustained, direct engagement with international counterparts as part of the Albanese Government’s efforts to strengthen Australia’s fuel security.
Australia and South Korea are Comprehensive Strategic Partners with closely aligned strategic interests, a significant and complementary trading relationship, and vibrant people-to-people links. South Korea is one of Australia’s largest suppliers of refined petroleum products, and our largest supplier of diesel.
We have reaffirmed our shared commitment to open markets and rules-based trade, and have agreed to work together to address unjustified import and export restrictions and support open trade arrangements for energy and liquid fuels.
We have committed to work together to strengthen our supply chain resilience for energy resources, including through deepening regional cooperation and accelerating the energy transition.
We have agreed to notify and consult each other on potential trade disruptions, giving Australia advance warning of any fuel shortages and enough time to prepare.
We acknowledge the particular vulnerabilities of Pacific Island countries and will work to help uphold the resilience of their energy markets. We know our Pacific neighbours are experiencing the full impact of this crisis, and they remain at the front of our mind.
Along with our recent statements with Singapore, Brunei and Malaysia, this joint statement will put us in a strong position to manage our fuel security through the ongoing disruption to global energy markets as a result of the Middle East conflict and effective closure of the Strait of Hormuz.
Quotes attributable to Foreign Minister Penny Wong:
“The Albanese Government is working with international partners to help secure the supplies we need – including diesel, petrol and fertiliser – and ensure Australia is prioritised as a reliable energy partner.
“The Republic of Korea is Australia’s top supplier of diesel. These imports enable Australia to continue being a reliable exporter of energy, food and other commodities to our region.
“We will continue working together to strengthen energy security, manage global shocks and help ensure peace, stability and prosperity in our region.”
Quotes attributable to Energy Minister Chris Bowen:
“The Albanese Labor Government has acted swiftly and decisively to secure additional fuel for Australians and shore up our trading ties with major partners like the Republic of Korea.
“This partnership will help to keep Australia moving amid the ongoing conflict in the Middle East while taking practical steps to harness the economic benefits of the energy transition for our region.”
Quotes attributable to Resources Minister Madeleine King:
“Australia remains a trusted, long-term and most importantly, stable energy and resources partner with countries throughout our region.
“We are resolutely committed to supplying the energy that Korea and other partner nations need to provide global economic stability and security.
“We have seen in recent weeks how vulnerable energy supply chains can be to disruption and supply shocks.
“Australia by contrast has remained a trusted and reliable supplier of energy for well over half a century.”