The D’Amico vessel High Endeavour transits the Singapore Strait. (Wikimedia)
Singapore and Australia reaffirmed their strategic cooperation in a critical energy and essential supplies agreement on April 10. Australian Prime Minister Anthony Albanese and Singaporean Prime Minister and Minister for Finance Lawrence Wong vowed to ensure that natural gas and fuel supply between both countries will not be disrupted.
Both leaders referred to the Singapore-Australia Comprehensive Strategic Partnership (CSP) 2.0, a 10-year roadmap that aimed to deepen the economic ties. In particular, they highlighted the Protocol to the Singapore-Australia Free Trade Agreement (SAFTA) on Economic Resilience and Essential Supplies, which ensures the flow of resources amid the ravaging war in the Middle East.
“We agreed on the need to coordinate our response to this global crisis so that both our economies are stronger and more resilient into the future,” the leaders stated in a joint statement.
Both Australia and Singapore are close counterparts. Statistically, Singapore imports more than one-third of its liquefied natural gas (LNG) from Australia. Conversely, Australia also imported 55% petroleum products from both Singapore and South Korea. Singapore has become Australia’s largest trading partner, with bilateral trade reaching 47.4 billion US dollars in 2024.
That momentum carried forward the formalisation of the Singapore-Australia Comprehensive Strategic Partnership (CSP) 2.0 on October 8, 2025. CSP is a framework that seeks to deepen ties between both countries across five pillars: defence and security, economic ties, green economy, emerging technologies and people-to-people ties.
Singapore, one of the world’s largest oil refineries and trading hubs, produces 1.5 million barrels per day across four facilities, utilising the most complex and advanced technologies that are able to convert crude into high-value products.
On the other hand, Australia is also among Asia’s largest LNG exporters, with over 30% has become indispensable to Singapore, a city-state that is highly dependent on gas for electricity generation.
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