Singapore, Saudi Arabia to set up crude oil storage arrangement on Jurong Island
Singapore and Saudi Arabia on Monday (Oct 26) announced their joint intent to establish a crude oil storage arrangement in the city state.In a statement the Ministry of Energy, Trade and Industry (METI), said a memorandum of understanding (MOU) was signed between the Saudi Arabia Oil Company (Aramco) and Singapore's Energy Market Authority and JTC Corporation at the Singapore International Energy Week.Under the proposed arrangement, Saudi crude oil would be stored at the Jurong Rock Caverns on Singapore’s Jurong Island.This is expected to begin in the second half of 2027."(The MOU is) a first step towards realising this arrangement," METI stated. While the stored crude oil will strengthen Singapore’s energy security and resilience in the event of a supply disruption, the arrangement will also enhance the resilience of the Saudi crude oil supply chain in Southeast Asia."The proposed arrangement marks a new milestone in energy cooperation between Singapore and the Kingdom of Saudi Arabia.