Senator the Hon. Mathias Cormann
Minister for Finance
Leader of the Government in the Senate
Senator for Western Australia
Date: Friday, 24 April 2020
This week I made $94 million in additional funding available to support the Government’s purchase of oil stocks and the leasing of storage capacity in the United States Strategic Petroleum Reserve by using the Advance to the Finance Minister.
One determination of $91.5 million for purchasing oil was made from the Advance which was appropriated by the Parliament in the Appropriation Act (No. 6) 2019-2020; and
A second determination of $2.5 million for leasing storage was made from the Advance which was appropriated by the Parliament in the Appropriation Act (No. 1) 2019-2020.
Both determinations were signed yesterday.
The determinations were registered on the Federal Register of Legislation, together with an Explanatory Statement (these will be available on legislation.gov.au).
The determinations provided $94 million to the Department of Industry, Science, Energy and Resources to fund the procurement of oil stocks while global prices were at historic lows.