Saudi Arabia and Singapore Plan Crude Storage From 2027

Saudi Arabia and Singapore plan to store Saudi crude at Jurong Rock Caverns from the second half of 2027, under a proposed arrangement intended to bolster regional supply resilience and Singapore’s energy security. The governments announced the plan on October 26 during Singapore International Energy Week, while negotiations on the terms remain underway. Saudi Aramco exchanged a memorandum of understanding with Singapore’s Energy Market Authority and JTC Corporation, the announcement said. The cavern facility on Jurong Island is the planned storage site. Singapore’s Energy, Trade and Industry Minister Tan See Leng said negotiations were expected to conclude within a few months, but did not give a specific deadline. The announcement did not disclose how much Saudi crude would be stored, the storage fees or how costs would be shared. JTC lists the caverns’ total capacity at 1.47 million cubic metres, equivalent to about 9 million barrels, for liquid hydrocarbons. That figure covers the whole facility and is not a stated allocation for the proposed Saudi arrangement. The governments said the plan is intended to make Saudi supply chains in Southeast Asia more resilient and help...