Singapore and Saudi Arabia have announced a joint intention to store Saudi crude oil at the Jurong Rock Caverns facility starting in the second half of 2027, a move that reflects the Kingdom’s flexibility in responding to shifts and challenges facing global supply chains.
What did Singapore’s minister say?
The announcement was made by Singaporean minister Tan See Leng, who oversees energy, during Singapore International Energy Week on Monday. He said the arrangement aims to strengthen the resilience of Saudi Arabia’s oil supply chain in Southeast Asia, while also supporting Singapore’s energy security in the event of supply disruptions.
An MoU between Aramco and Singapore agencies
The minister said Saudi Aramco will sign a memorandum of understanding with Singapore’s Energy Market Authority (EMA) and JTC Corporation, with negotiations expected to be completed over the next few months.
MARKET NEWS view
The step is part of Saudi Arabia’s broader effort to expand its overseas storage options and make its supply system more adaptable to geopolitical and logistical challenges, helping to ensure continued flows to key Asian markets.
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تنبيه: السعودية تخزن نفطها الخام في كهوف جورونج بسنغافورة من 2027