Australia to establish 1-billion-litre reserves of jet fuel, diesel

Canberra, Aug 18 (IANS) The Australian government on Tuesday said it will establish a strategic reserve of 1 billion litres of jet fuel and diesel to protect against future supply shocks.

Minister for Climate Change and Energy Chris Bowen and Transport Minister Catherine King said in a joint statement with Agriculture Minister Julie Collins that the government will invest 3.2 billion Australian dollars (2.3 billion US dollars) to establish the Australian Fuel Security Reserve.