Saudi Arabia will enhance supply stability in Asia by storing crude oil at Singapore's Jurong Rock Caverns from the latter half of 2027. The relevant ministers announced this joint intention.
Saudi Arabia and Singapore announced plans to begin storing Saudi crude oil at the Jurong Rock Caverns in the second half of fiscal 2027 (2H27). The aim is to enhance the security and flexibility of energy supplies in Asia.
The move is positioned as part of preparations for geopolitical risks and supply disruptions that could threaten the stability of oil supplied to Asia through the Middle East. The parties involved explained that the aim is to strengthen emergency stockpiles and bring supply networks closer to the region.
The underground storage facility on Jurong Island will be able to store up to 1.47 million cubic meters of crude oil, equivalent to approximately 9 million barrels. Saudi Aramco has signed a memorandum of understanding with the Energy Market Authority and JTC Corp, and negotiations are reportedly expected to be concluded within several months.