MOSCOW (Pakistan Point News / Sputnik - 14th September, 2020) Australia has set aside 211 million Australian Dollars ($153.7 million) from its yearly budget to invest the funds in projects aiming to ensure fuel security in crisis situations and to keep fuel prices low, Energy Minister Angus Taylor announced on Monday.
"The [Prime Minister Scott] Morrison Government is taking action to secure Australia's long-term fuel supply, keep prices low for consumers and create over 1000 new jobs with a $211 million investment in building new domestic fuel storage and backing local refineries to stay open wherever commercially possible," Taylor said in a statement.
The investment entails a $200 million grants program to create an additional 780 megalitres of onshore diesel storage, as well as build a new storage facility, which will create up to 1,000 jobs.
"Supporting our refineries will ensure Australia has the sovereign capability it needs for any event, protect families and businesses from higher prices and support thousands of jobs across the economy as we recover from COVID-19," Taylor added.
The government and the country's fuel industry will be working on the legislative and regulatory design of the package in the next six months.
