Singapore Secures Saudi Crude Storage Plan For 2027 Arabian Post
Arabian Post Staff -Dubai
Singapore and Saudi Arabia have agreed to pursue underground crude oil storage on Jurong Island from the second half of 2027, strengthening supply safeguards amid disruptions caused by the war involving Iran.The two governments announced the proposed arrangement on Monday as Saudi Aramco exchanged a memorandum of understanding with Singapore's Energy Market Authority and industrial infrastructure agency JTC Corporation during Singapore International Energy Week.
The crude would be held at Jurong Rock Caverns, an underground storage complex designed for liquid hydrocarbons. The agreement remains subject to further negotiations, which Singapore's Minister for Energy, Trade and Industry, Tan See Leng, expects to conclude within several months.
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