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Australia’s has secured an additional 80,250 tonnes of urea — one of the world’s most widely used fertilisers — as a tentative peace deal between Iran and the United States hangs in the balance.
Donald Trump announced on Monday a deal with the Islamic Republic which would see a reopening of the Strait of Hormuz and end of almost three months of hostilities come to an end was “largely negotiated”.
However, by Tuesday morning the United States had struck Iranian military targets in the country’s south in “self-defence”.
It comes as Anthony Albanese continues a diplomatic offensive over Australia’s supply of oil – about one-fifth of the world’s crude transits through the Strait of Hormuz – diesel, and fertiliser.
On Tuesday, the government announced it had secured an additional two shipments of urea from Indonesia through Export Finance Australia, which was empowered under recent reforms to support private suppliers in securing market shipments of fuel.
The deal was made in partnership with Incitec Pivot, and is part of the 250,000 tonnes of agricultural-grade urea locked in through Indonesia’s PT Pupuk.
In total, six additional shipments have been secured through the government’s Fuel and Fertiliser Security Facility, with the first shipments expected to arrive in coming weeks.
Agriculture Minister Julie Collins said it was critical to keep Australia’s food production system moving.
“Which is why we’ve been working around the clock to help secure the critical inputs our farmers and producers need, including fuel and fertiliser,” she said.
“Supporting the purchase of additional fertiliser shipments is about getting more fertiliser into Australia at a time of global uncertainty, helping to provide our farmers and producers with confidence for the future.
“The additional fertiliser we’ve secured from Indonesia, in partnership with industry, is the result of our Government’s careful and considered work to strengthen Australia’s relationship with Indonesia.”
Trade minister Don farrell said the government was working closely with industry and peak bodies on supply.
“The Albanese Labor government will always support Australian farmers, and the many jobs and communities this vital sector sustains across the country,” he said.
On Monday, Mr Albanese said Australia had secured an additional 660,000 barrels of jet fuel from China after talks between the Prime Minister and Premier Li Qiang.
Mr Albanese said the longer the conflict went on “the more enduring the impact will be, the economic tail”.
“We are very hopeful that the positive signs of a de-escalation and peace in the region will lead to a conclusion,” he said.
“We know, though, this is volatile and uncertain times, and I want to make it clear that when the conflict ends, that doesn’t mean that the economic tail concludes.
“There will be a period of time before ships are able to go through the Strait of Hormuz.”
Mr Albanese said Australia’s supplies of petrol were five days more than when the war began with the United States’ and Israel’s attack on Iran on February 28.
Additionally, the government has 38 days of diesel and 31 days of jet fuel – two more than on February 28.
The government pledged $10.7bn to bolster fuel supplies, including shipments from partners including South Korea and Brunei
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