Storing Saudi crude in Singapore a strategic move, says former SPE chief
Former SPE president Sami Al-Nuaim says Saudi crude storage in Singapore will boost the Kingdom’s energy strategy and supply flexibility in Asia.
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Former president of the Society of Petroleum Engineers, Dr. Sami Al-Nuaim, said the agreement to store Saudi crude oil on Jurong Island in Singapore is a successful step that strengthens the reach and success of the Kingdom’s energy strategy.
Speaking to Al Ekhbariya TV, Al-Nuaim explained that Saudi Arabia plans to begin crude oil storage in Singapore in the second half of 2027, enhancing its storage presence in Asia and providing additional flexibility in managing supplies to key markets.
He added that bringing Saudi supplies closer to major Asian markets will boost the flexibility of the Kingdom’s supply network and support supply security in Singapore, helping the city-state prepare for disruptions amid the ongoing Middle East conflict and global efforts to bolster energy security and protect supply routes.
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Al-Nuaim noted that the exchange of a memorandum of understanding between the Energy Market Authority of Singapore, GTC Corporation, and Aramco marks an initial step toward finalizing the agreements and procedures needed to store Saudi crude oil in Singapore.