Singapore, Australia working towards legally binding protocol for essential supplies

In response to a question on whether Singapore will rely more heavily on alternative suppliers, given that the country has already ruled out negotiations on safe passage through the strait, Mr Wong said Singapore’s companies source feedstock from all over the world. 

“As far as energy supplies are concerned, we believe it’s a global energy market. Our company sources feedstock from all over the world subject to prevailing laws and whatever sanctions regimes or arrangements are in place.

“We expect companies to uphold these international agreements and obligations, but subject to that, oil is fungible. As long as more oil enters the global energy market, it is good for the world, and our companies based here in Singapore are deeply connected to the different flows of energy supplies around the world.

During his remarks, Mr Wong pointed to how the two countries worked closely during the COVID-19 pandemic to keep critical supply chains open.

“These are uncertain and unprecedented times. But it is precisely in such times that partnerships matter most. Singapore and Australia have tackled challenges together before,” he said. 

“Our partnership is built on trust and that trust is enabling us to act decisively today. In a more fractured and volatile world, we choose to stay open, to stay connected, and to stand together.

“Through the strength of our partnership, I am confident that Singapore and Australia will not just get through the crisis – but we will emerge stronger and more resilient,” he added.

The two leaders also called on other trading partners to join them in ensuring global energy supply chains are kept open.

Mr Albanese was on the second day of his three-day official visit to Singapore. On Friday morning, he visited the Singapore LNG Terminal and Singapore Refining Company on Jurong Island.