Ichthys owner Inpex pledges to give Australian buyers priority access to locally-produced fuel
Japan’s Inpex has pledged Australian buyers will have first dibs on its next fuel cargo amid a global scramble to shore up supply disrupted by the Middlle East conflict.
Japanese energy giant Inpex will ship 100 million litres of fuel feedstock to an Australian refinery in a sign local buyers are shoring up supply amid the ongoing war in the Middle East.
The condensate cargo is a byproduct from the company’s Ichthys natural gas export operation off WA’s far north coast and can be used to help make petrol.
It will flow into one of Australia’s two oil refineries in May.
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By continuing you agree to our Terms and Privacy Policy.Inpex has also pledged to give local buyers preferential access to another cargo in coming months.
Local boss Tetsu Murayama said the company was a major long-term investor in Australia — about $60 billion was spent developing the project — and was committed to local energy security.
“With global fuel markets under strain, Inpex is focused on playing a clear, demonstrable role in supporting reliable fuel supply for Australia,” Mr Murayama said.
“Making additional Ichthys condensate available to Australian refineries demonstrates our strong partnership with industry and government and our responsibility as a long-term supplier supporting Australia’s energy security.”
About 30 cargoes of condensate have been sold from Ichthys to domestic buyers since 2019.
The nation’s fuel stockpile remains broadly unchanged since the start of the Middle East crisis with about 38 days of petrol, or 2.8 million litres, in reserve.
Prices at the pump have jumped 36 per cent in Perth following America’s war against Iran but only six service stations in the State were out of unleaded on Monday, FuelWatch data shows.
Australia has been reliant on imported fuel for decades despite a huge splurge of investment into petroleum production over the past 20 years which led to eight new gas export facilities.
About 80 per cent of the country’s oil resources are in higher-cost shale fields that require fracking, according to GeoScience Australia.
Originally published as Ichthys owner Inpex pledges to give Australian buyers priority access to locally-produced fuel
