G+T has advised IOR on the structuring, negotiation and execution of a first-of-its-kind Fuels Security Facility Agreement with Export Finance Australia (EFA), helping unlock additional fuel supply for Australia at a time of heightened global disruption and pressure on regional markets.
IOR is one of Australia's leading commercial fuel suppliers. The facility creates a commercial framework for IOR to acquire and distribute additional fuel cargoes into Australia, particularly regional areas, with government support for price volatility and working capital risk.
IOR is among the first suppliers to secure a facility under the Australian Government’s new Strategic Reserve powers, established on 1 April 2026 through amendments to the Export Finance and Insurance Corporation Act 1991 (Cth). The regime enables EFA to underwrite the purchase of additional fuel and other strategic materials, marking a significant shift in how government and private suppliers respond to energy security risks.
The facility was developed against the backdrop of global fuel supply disruption driven by conflict in the Middle East. It reflects a market environment where additional discretionary fuel cargoes may not be commercially viable without sovereign support to manage pricing and working capital exposure.
G+T advised IOR on the structuring, negotiation and execution of the term sheet and facility agreement, including regulatory, finance, energy and tax considerations under the new regime.
The G+T team was led by Energy, Resources and Infrastructure partners Christopher Flynn and Jamie Guthrie, with support from special counsel Daniel Soloman, consultant Diarmuid O'Carroll and lawyer Marina Hough. Cross-practice support was provided by partner Hanh Chou and lawyer Laura Scro (Tax), partner Peter Reeves (Fintech) and special counsel Georgina Willock (Competition, Consumer and Market Regulation).
This was a significant transaction at the intersection of government policy, national resilience and commercial fuel supply, reflecting the critical role that well-structured financing arrangements play in supporting Australia's energy security and resilience. We were proud to work alongside IOR as it partnered with the Australian Government and Export Finance Australia to deliver a practical and commercially robust framework that will help keep fuel flowing to the regional communities and industries that need it most.
Jamie Guthrie commented:
We congratulate IOR on this nationally significant transaction. IOR plays a critical role in keeping Australia moving, delivering fuel where it's needed most, particularly across regional Australia. We were proud to support IOR and its shareholders in bringing this highly complex and landmark facility to life.
