Sydney: Australia is investing heavily to boost its oil reserves. Australian Prime Minister Anthony Albanese announced on Wednesday that the Australian government is preparing to invest A$10 billion (approximately 222 billion baht) to increase the national oil reserves and establish permanent government-managed fuel reserves. Mr. Albanese said that expanding oil reserves to a total capacity of approximately 1 billion liters will provide Australia with at least 50 days of domestic fuel reserves, acting as a buffer against potential future supply disruptions.

According to Thai News Agency, Energy Minister Chris Bowen stated that Australia is one of the few member countries of the International Energy Agency (IEA) that does not yet have its own government-owned fuel reserves. Therefore, the establishment of a 1 billion liter state-owned oil reserve supplements the previous minimum oil reserve requirement, which was solely managed by the private sector.

Australia currently imports up to 80 percent of its total oil needs and has begun facing shortages in some areas since the conflict in the Middle East erupted. Its current oil reserves, sufficient for approximately 30 days, are entirely supplied by private companies under existing regulations.

The aforementioned budget of 220 billion baht includes A$3.2 billion (approximately 71 billion baht) for fuel reserves to increase the long-term supply and storage of diesel and jet fuel. In addition, the government has increased the minimum oil reserve requirement for importers and refineries from 30 days to 10 days. This measure will incur an operating cost of approximately A$34.7 million (approximately 770 million baht).