Saudi Arabia, Singapore to set up crude oil storage arrangement in Jurong from 2027
<p>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.</p> <p>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 Arabia and Singapore are in talks to establish a crude oil storage arrangement in Singapore from 2027, according to the Saudi Press Agency. This partnership aims to bolster energy security and resilience for both nations. The proposal was first discussed at Singapore International Energy Week, during which the Saudi Arabian Oil Company (Saudi Aramco) and Singapore's Energy Market Authority and JTC Corporation signed a memorandum of understanding.
The stored crude oil will be held in the Jurong Rock Caverns on Singapore's Jurong Island. The arrangement is expected to begin operations in the second half of 2027. The stored crude oil will help meet Singapore's energy demands in case of supply disruptions, thereby enhancing the nation's energy security and resilience. Furthermore, this partnership will bolster the stability of Saudi crude oil supply to Southeast Asia, according to the Saudi Press Agency.
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