Australia Plans to Underwrite Fuel Purchases by Private Firms

Australia is set to introduce new powers to shore up fuel security, including measures to underwrite private sector purchases of fuel from the international market as a prolonged war in the Middle East heightens supply risks.

Export Finance Australia, the government’s export credit agency, will be used to underwrite the fuel shipments, Prime Minister Anthony Albanese said in a press conference Saturday. The measures will be introduced as amendments to the Export Finance and Insurance Corporations Act on Monday.