Saudi Arabia and Singapore plan crude oil storage partnership

Saudi Arabia’s Ministry of Energy, in cooperation with Singapore’s Ministry of Energy and the Ministry of Trade and Industry, announced today their intention to arrange for the storage of Saudi crude oil in Singapore.

As a first step toward implementing these plans, copies of a memorandum of understanding were exchanged today between Singapore’s Energy Market Authority and JTC Corporation, and Saudi Aramco, during Singapore International Energy Week (SIEW).

The Saudi Ministry of Energy and Singapore’s Ministry of Energy and the Ministry of Trade and Industry will work closely to finalize the necessary arrangements and coordinate with relevant parties for implementation.

Under the proposed arrangements, Saudi crude oil will be stored in the Jurong Rock Caverns on Jurong Island in Singapore, with storage operations expected to begin in the second half of 2027.

These arrangements will strengthen the resilience and reliability of Saudi crude oil supply chains to Southeast Asia. The stored crude oil will also help meet Singapore’s energy needs in the event of supply disruptions, enhancing the country’s energy security and reliability.

The proposed arrangements mark a new phase of energy cooperation between Saudi Arabia and Singapore, reflecting the two countries’ shared commitment to strengthening energy security in Southeast Asia and reaffirming Singapore’s role as a major regional energy hub.