By 2027, Saudi Arabia and Singapore Intend to Establish Facilities for Storing Crude Oil
SINGAPORE — Saudi Arabia and Singapore’s energy ministries said Monday they intend to set up a crude oil storage agreement in Singapore to boost energy security and supply chain resilience.
During the Singapore International Energy Week (SIEW), Singapore’s Energy Market Authority (EMA) and JTC Corporation also signed a Memorandum of Understanding (MoU) with Saudi Aramco.
Under the proposed deal, Saudi crude oil will be stored at the Jurong Rock Caverns on Singapore’s Jurong Island where storage activities are expected to start in the second half of 2027.
The stored crude oil will help meet Singapore’s energy needs in the event of potential supply disruptions, while strengthening the resilience of Saudi crude oil supply lines across Southeast Asia.
The proposal is a further step in the two countries’ energy collaboration leveraging Singapore’s position as a regional energy hub and Saudi Arabia’s ambition to strengthen its crude oil supply chain.
The Ministry of Trade and Industry of Singapore and the Ministry of Energy of Saudi Arabia will develop and coordinate the proposed arrangement for implementation working with relevant entities.
Also Read:
France to Prepare 70,000 Police Before New Protests
No Cancellations, Shutdowns Future Pipe’s Al-Busaidy Expects Increasing Demand
