Saudi Arabia and Singapore have signed a memorandum of understanding to establish a storage arrangement for Saudi crude oil at the Jurong Rock Caverns starting from the second half of 2027, aiming to enhance the resilience of the Saudi crude oil supply chain in Southeast Asia and contribute to Singapore's energy security and resilience.
Key points
Saudi Arabia and Singapore have announced a joint initiative to establish a storage arran…: Saudi Arabia and Singapore have announced a joint initiative to establish a storage arrangement for Saudi crude oil at the Jurong Rock Caverns starting from the second half of 2027.
The initiative aims to enhance the resilience of the Saudi crude oil supply chain in Sout…: The initiative aims to enhance the resilience of the Saudi crude oil supply chain in Southeast Asia and contribute to Singapore's energy security and resilience.
The memorandum of understanding will be signed by Saudi Aramco, the Energy Market Authori…: The memorandum of understanding will be signed by Saudi Aramco, the Energy Market Authority, and JTC Corp on Monday, with negotiations expected to conclude in a few months.
Sources checked by our analysis pipeline: 1
"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.
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