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Saudi Arabia to establish crude oil storage arrangement in Singapore and bolster supply for Asia

Singapore and Saudi Arabia plan to establish a crude oil storage arrangement at Singapore's Jurong Rock Caverns, with operations expected to begin in the second half of 2027.

The Star MalaysiaThe Star查看原文 ↗
沙特阿拉伯将在新加坡建立原油储存安排,以增强对亚洲的供应。

SINGAPORE (Xinhua): Singapore and Saudi Arabia plan to establish a crude oil storage arrangement at Singapore's Jurong Rock Caverns, with operations expected to begin in the second half of 2027, the two countries said on Monday.

Singapore's Ministry of Energy, Trade and Industry and Saudi Arabia's Ministry of Energy announced the joint initiative, marked by an exchange of a memorandum of understanding between Saudi Aramco and Singapore's Energy Market Authority and JTC Corporation, with negotiations expected to wrap up within months.

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