Australia to amend export-finance laws to boost fuel security, PM Albanese says

SYDNEY, March 28 (Reuters) - Australia will amend its export-finance laws in an effort to bolster fuel security as ​the Iran war continues to affect the nation’s ‌supply chain, Prime Minister Anthony Albanese said on Saturday.

Australia, which imports about 90% of its fuel, has experienced ​localised shortages in the month since the ​U.S. and Israel began their attacks on ⁠Iran, a widening conflict that has disrupted global ​fuel supply.

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“Today, I announce that Australia will establish ​new powers to get fuel here for Australians,” Albanese said in televised remarks. “New fuel security powers will enable the ​government to underwrite the purchase of fuel by ​the private sector.”

The powers will enable the country’s export-finance agency ‌to ⁠underwrite buying of fuel shipments, adding to local supply, Albanese said.

He said his centre-left Labor government would introduce amendments on Monday to export-finance and ​insurance-corporation laws ​in parliament.

Australia ⁠has 39 days’ worth of petrol and 30 days of diesel and jet ​fuel, Energy Minister Chris Bowen said ​in ⁠televised remarks on Saturday.

The government said this week that supply remained strong despite the cancellation of six ⁠fuel ​shipments from Asia and several hundred ​Australian fuel stations running out of either gasoline or diesel.

Reporting ​by Sam McKeith in Sydney; Editing by William Mallard

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