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Saudi Arabia and Singapore have announced a joint intent to establish a crude oil storage arrangement at Singapore's Jurong Rock Caverns. According to Business Recorder, Singapore's Minister for Energy, Trade and Industry Tan See Leng stated that the storage is intended to enhance the resilience of the Saudi crude oil supply chain in Southeast Asia and contribute to Singapore's energy security during potential supply disruptions.
The Peninsula Qatar Business reports that the Saudi Ministry of Energy and Singapore's Ministry of Energy, Trade and Industry announced the intention on Monday. As a first step toward the arrangement, a memorandum of understanding was exchanged at the Singapore International Energy Week between the Saudi Arabian Oil Company (Saudi Aramco), Singapore’s Energy Market Authority, and JTC Corporation. Storage operations are expected to begin in the second half of 2027.
Brief written by urgent.news from Arabian Business, The National Business, The Peninsula Qatar Business, Business Recorder — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
