"The events of 2020 have reminded us that we cannot be complacent. We need a sovereign fuel supply to shield us from potential shocks in the future," Prime Minister Scott Morrison said on Monday. Morrison said Australia's fuel security was essential for its national security.
SYDNEY: Australia will invest A$211 million ($153.50 million) to boost its domestic fuel storage capabilities while local refineries will be subsidised to stay open in business, as the government unveiled plans to secure its long-term fuel supply.
A coronavirus-driven demand slump has battered Australia's oil refiners and sparked threats of closures, prompting the government to take measures to shore up the sector.
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