Saudi Arabia, Singapore announce plans for crude oil storage facility by 2027

SINGAPORE — Saudi Arabia and Singapore's energy ministries announced on Monday their joint intention to establish a crude oil storage arrangement in Singapore, aimed at strengthening energy security and supply chain resilience. To mark the announcement, Singapore’s Energy Market Authority (EMA) and JTC Corporation exchanged a Memorandum of Understanding (MoU) with Saudi Aramco during Singapore International Energy Week (SIEW). Under the proposed arrangement, Saudi crude oil will be stored at the Jurong Rock Caverns on Singapore’s Jurong Island, with storage operations expected to begin in the second half of 2027. **media[2785227]** The stored crude oil will help meet Singapore’s energy needs during potential supply disruptions, while strengthening the resilience of Saudi crude oil supply chains across Southeast Asia. The initiative represents a further step in energy cooperation between the two countries, combining Singapore’s role as a regional energy hub with Saudi Arabia’s efforts to strengthen the resilience of its crude oil supply chain. Singapore’s Ministry of Trade and Industry and Saudi Arabia’s Ministry of Energy will work with relevant entities to advance the proposed arrangement and coordinate its implementation.