Riyadh: Saudi Arabia’s Ministry of Energy and Singapore’s Ministry of Energy, Trade and Industry announced on Monday their joint intent to establish a crude oil storage arrangement in Singapore.
According to the Saudi Press Agency (SPA), Singapore’s Energy Market Authority and JTC Corporation exchanged a memorandum of understanding with the Saudi Arabian Oil Company (Saudi Aramco) at the Singapore International Energy Week (SIEW), as a first step towards realizing this arrangement.
Under the proposed arrangement, Saudi crude oil would be stored at the Jurong Rock Caverns on Singapore’s Jurong Island. Storage operations are expected to commence in the second half of 2027.
The stored crude oil will support Singapore’s energy needs in the event of a supply disruption, strengthening Singapore’s energy security and resilience. The arrangement will also enhance the resilience of the Saudi crude oil supply chain in Southeast Asia, SPA reported.
