00:01Essentially, it seems like an arrangement where the Australian government is going to
00:05underwrite and effectively provide a subsidy for the procurement of additional cargos and
00:13fuel into Australia. We don't have a lot more details at this point, but it's probably worth
00:20highlighting that given the shortage, which is only beginning to truly be felt across Asia now,
00:26competition for those uncontracted spot cargos, particularly of jet fuel and diesel,
00:33is going to be very high. We will start to see not just the Australian government,
00:38but other governments in the region look to support purchases in order to divert those
00:43cargos to their nations. And this is going to be part of a package of approach from the Australian
00:50government to try and make sure that we don't structurally run out of fuel. In addition to
00:57this, we will probably see the government engaging with Singapore, but other major refining neighbors
01:04of ours to try and make sure we have priority access and that other nations won't be able
01:09to divert to cargos that would otherwise be due to come to Australia to their home markets instead,
01:14leaving us short. Australia's almost entirely reliant on imports of crude and particularly
01:19products like diesel and jet fuel. And those mostly come from Singapore, South Korea, China, Malaysia.
01:28China's already shut off its exports of jet fuel to Australia in the region, which makes it even more
01:36important that we can get the existing supplies and even increased supplies from places like Singapore.
01:41The trade relationship is very strong. Australia is an exporter of energy, including LNG, to Singapore.
01:49So the government will have some diplomatic leverage there. And Singapore has a very strong,
01:53open free trade principles as a trading island nation. So this will be the first stop, I think,
02:00for the Australian Prime Minister, but it will be seeking to have similar arrangements and diplomatic
02:06pressure applying in discussions with the South Koreans and Malaysians and Japanese as well.
02:11well done.
02:12Well,
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