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‘Ready for what may come’: Australia to scour the globe for extra fuel

Sydney Morning Herald - Latest News·@MikeFoley·7 months ago
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Emergency laws will be rushed into parliament on Monday in an urgent bid to boost Australia’s fuel stocks, and importers will be given unprecedented government backing to scour the globe for increasingly rare and expensive shipments of petrol, diesel, crude oil and fertiliser. The Albanese government on Saturday moved to seize the agenda on the unfolding crisis sparked by the Iran war, unveiling the new powers after criticism of its leadership and ahead of a meeting with state premiers when national cabinet is convened on Monday. It will amend the Export Finance and Insurance Corporation Act to underwrite purchases by private companies. The government will not pay upfront for fuel, but public funds will be put up as insurance for importers that are having to buy fuel at the current sky-high prices. The scheme is designed to send a signal to importers to buy up whatever supply they can and bring it to Australia, without worrying about suffering a loss.…

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