Saudi Arabia and Singapore plan crude oil storage facility
The two countries aim to establish storage at Singapore's Jurong Rock Caverns, with operations to begin in 2027.
At a glance
- Storage facility planned at Jurong Rock Caverns on Singapore's Jurong Island
- Operations expected to begin in second half of 2027
- Aims to enhance energy security and supply chain resilience for both countries
- MoU signed by Singapore's EMA and JTC Corporation with Saudi Aramco
Saudi Arabia and Singapore announced plans on Monday to establish a crude oil storage arrangement in Singapore, according to their energy ministries. The facility will be located at Jurong Rock Caverns on Jurong Island, with storage operations expected to commence in the second half of 2027. Singapore's Energy Market Authority and JTC Corporation signed a Memorandum of Understanding with Saudi Aramco during Singapore International Energy Week.
The stored crude oil will support Singapore's energy security during potential supply disruptions and strengthen Saudi Arabia's crude oil supply chain resilience across Southeast Asia. Singapore's Ministry of Trade and Industry and Saudi Arabia's Ministry of Energy will coordinate implementation of the arrangement.
Why it matters
The arrangement combines Singapore's position as a regional energy hub with efforts to strengthen crude oil supply chain resilience across Southeast Asia.
Original reporting
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