Saudi Arabia and Singapore have announced plans for a crude oil storage arrangement intended to strengthen energy security and the resilience of supply chains in Southeast Asia.
According to the Saudi Press Agency’s 26 October report, Singapore’s Energy Market Authority and JTC Corporation exchanged a memorandum of understanding with Saudi Aramco at Singapore International Energy Week.
The proposed arrangement would store Saudi crude at the Jurong Rock Caverns on Jurong Island. Storage operations are expected to begin in the second half of 2027.
The stored oil would help meet Singapore’s energy needs during a supply disruption. The arrangement is also intended to improve the resilience of Saudi crude supplies in Southeast Asia.
Both countries’ energy ministries will work with the relevant organisations on implementation. The announcement describes a joint intention and an initial agreement; the storage operation has not yet started.