Australia, Malaysia vow close cooperation on energy security

Australia and Malaysia have committed to working together to strengthen energy supply chain resilience and deepen regional cooperation, according to a joint statement issued on Thursday.

"We recognise the complementarity of our trade and economic partnership and the role our countries play in each other's energy security. Both countries serve as energy suppliers to one another, underpinning a mutually important energy security relationship," the statement said.

This came as Australian Prime Minister Anthony Albanese met with Malaysian Prime Minister Anwar Ibrahim in Putrajaya.

The statement said the two countries share "deep concern over the conflict in the Middle East, its escalation and the consequences for our region, including the impact on energy supply chains, prices and flows of essential energy supplies such as the oil and natural gas value chains."

Both countries act as energy suppliers to each other, underscoring a "mutually important" energy security relationship. They also affirmed their shared commitment to open, rules-based trade in energy products.

"We commit to promote open and stable trade flows between our two countries, including for essential energy supplies. We will exchange views on energy trade-related matters on a 'no surprises' basis, and deepen practical cooperation on energy security for both countries to achieve shared goals," it said.

Malaysia and Australia also expressed commitment to cooperating to strengthen energy supply chain resilience, including by deepening regional cooperation, supporting energy transition and promoting renewable energy use.