Saudi Arabia to store oil in Singapore's underground caverns from 2027
Saudi Arabia plans to store crude oil in Singapore from the second half of 2027 to strengthen supply security in the region, both countries' energy ministers said on Monday.
Saudi Arabia and Singapore have agreed to collaborate on storing Saudi crude oil in Singapore's underground caverns, starting in 2027, according to a statement at the Singapore International Energy Week conference. The move aims to bolster supply resilience in Southeast Asia and enhance Singapore's energy security amid potential disruptions.
Jurong Rock Caverns, located 150 meters below ground, can hold up to 1.47 million cubic meters of crude oil and condensate. Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman Al-Saud, highlighted the arrangement's significance in bolstering supply flexibility and preparedness. The arrangement follows similar deals Saudi Aramco has made with Japan and South Korea.
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