Australian Fuel Security Undermined by ‘She’ll Be Right’ Attitude
Experts are warning that Australia’s pursuit of efficiency coupled with a “she’ll be right” attitude has put the country’s fuel supply in danger. Many are also concerned that the federal government’s recent efforts to address the problem are not enough to eliminate any vulnerabilities.
The comments come as the Australian Parliament looks set to pass the Fuel Security Bill 2021, which will compel the oil industry to maintain stock levels above a certain threshold and solidify a government pledge to subsidise local refining operations.
Anthony Richardson, a research fellow at the Future Social Service Institute at the Royal Melbourne Institute of Technology, said Australian supply chains had been too focused on keeping costs low, which has eroded the resilience of the system.
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Algeria, a north African country with huge potential in the hydrocarbon and petrochemical industries, has recently completed the process of approving texts for its new hydrocarbon law as it looks to rake in investments in the sector. Algeria, one of the most important producers of oil and gas in Africa, counts on their hydrocarbon sector which accounts for 28% of GDP and 98% of all exports according to reports by its government.
After long delays in getting the law approved, the country sees light at the end of the tunnel and looks to attract critical foreign investments in the industry as it faces declines in exports and revenue. Sarens, a global leader and reference in heavy lifting and transport entered the petrochemical market in Africa with a goal of supporting maintenance and construction projects at crucial refineries and facilities in the industry.
China-Australia relations: Beijing set to dominate refined oil exports in Asia-Pacific region, observers say thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
ASX 200 closes high as statistics show Aussie shoppers likely to remain online due to pandemic
Posted
MonMonday 14
updated
MonMonday 14
New statistics show Australians remain apprehensive about shopping in large complexes due to COVID-19.
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The Australian share market has risen slightly, led by the major banks, after NAB s sale of MLC was cleared by the competition watchdog.
Key points:
Healthcare stocks fell for a third straight session to their lowest in two months
Shares in NAB were higher after the competition regulator gave the green light to IOOF s $1.4b purchase of NAB s wealth division
Crown Resorts shares rose despite Maurice Blackburn launching a second class-action lawsuit against the casino giant