Saudi Arabia and Singapore Arrange for Crude Oil Storage in 'Jurong' from Second Half of 2027
Saudi and Singaporean Energy Ministries exchange a memorandum of understanding for storing Saudi crude oil in Singapore to enhance energy security
Translated by Qiyas from الراي — Original source
The Saudi Arabian Ministry of Energy and Singapore’s Ministry of Energy, Trade and Industry announced today their intention to establish arrangements for storing Saudi crude oil in Singapore, according to the Saudi Press Agency.
The agency added that, as part of this announcement and as an initial step toward implementing these arrangements, copies of a memorandum of understanding were exchanged today between Singapore’s Energy Market Authority and JTC Corporation, and Saudi Aramco, during the Singapore International Energy Week (SIEW).
It noted that the Saudi Ministry of Energy and Singapore’s Ministry of Energy, Trade and Industry will work closely to finalize the necessary arrangements and coordinate with relevant authorities on their implementation.
The agency clarified that, under the proposed arrangements, Saudi crude oil will be stored in the Jurong Rock Caverns on Jurong Island in Singapore, with storage operations expected to begin in the second half of 2027.
It stated that these arrangements will enhance the resilience and reliability of the supply chain for Saudi crude oil to the Southeast Asia region. Additionally, the stored crude oil, under these arrangements, will help meet Singapore’s energy needs in the event of supply disruptions, thereby strengthening the security and reliability of its energy supplies.
The agency pointed out that the proposed arrangements represent a new phase of energy cooperation between Saudi Arabia and Singapore, reflecting both countries’ shared commitment to enhancing energy security in Southeast Asia and underscoring Singapore’s role as a key regional energy hub.
