SINGAPORE, - Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027, Tan See Leng, minister for energy, trade and industry said on Monday.
"Saudi Arabia and Singapore are announcing our joint intent to establish an arrangement for Saudi crude oil to be stored at the Jurong Rock Caverns from the second half of 2027," Tan told the Singapore International Energy Week conference.
"This arrangement enhances the resilience of the Saudi crude oil supply chain in Southeast Asia, as well as contributes to Singapore's energy security and resilience in the event of supply disruptions."
Tan said Saudi Aramco will sign a memorandum of understanding with the Energy Market Authority and JTC Corp on Monday and aimed to conclude negotiations in a few months' time.