Australia Allocates Additional Rp125.8 Trillion for Energy Resilience

Moscow (ANTARA) - The Australian government has allocated an additional US$7.23 billion (Rp125 trillion) to enhance fuel reserves and create emergency stockpiles to strengthen the country’s security amid the Middle East conflict. The additional funding package includes around US$5.5 billion (Rp95 trillion) in financial support for oil and gas companies and approximately US$2.7 billion (Rp46.8 trillion) for national fuel reserves of about one billion litres of diesel and jet fuel, according to a report by the Australian Broadcasting Corporation (ABC) on Wednesday. The Australian government is also exploring the needs and feasibility of building new refineries or expanding existing ones. Under the proposed plan by the Australian government, the country’s petrol reserves are reported to increase to 37 days’ worth, while diesel and jet fuel reserves will reach around 50 days. US President Donald Trump has extended the ceasefire to give Iran time to submit an “integrated proposal”. The escalation of the conflict nearly halted traffic in the Strait of Hormuz, a major route for shipping oil and liquefied natural gas from Persian Gulf countries to global markets. As a result, fuel prices have risen. However, just two days later, on Tuesday (5/5), Trump decided to temporarily halt the operation to see if a peace agreement with Iran could be reached. Source: Sputnik/RIA Novosti