Staff Reporter
Published:
Photo by Tony Wu
The joint venture will commence in Jurong Island in the second half of 2027.
Singapore’s Ministry of Energy, Trade and Industry and the Kingdom of Saudi Arabia’s (KSA) Ministry of Energy, announced their joint intent to establish a crude oil storage facility in Jurong Island on 26 October.
The crude oil is expected to be stored at the Jurong Rock Caverns in the second half of 2027.
The Energy Market Authority and JTC Corporation exchanged a Memorandum of Understanding with the Saudi Arabian Oil Company during Singapore’s International Energy Week.
The report said that the stored crude oil will support the country’s energy demands during supply disruptions, strengthening Singapore’s energy security and resilience.
It also said that the arrangement will enhance the Saudi crude oil supply chain in Southeast Asia.
Both countries will work closely to advance the arrangement and coordinate implementation with relevant authorities.
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