Saudi Arabia to store Crude Oil in Singapore from 2027

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New Delhi: Saudi Arabia intends to begin storing crude oil at Singapore’s Jurong Rock Caverns by the second half of 2027 to enhance its oil supply chain in Southeast Asia and bolster Singapore’s energy security.

As per reports, the announcement was made by Tan See Leng, Minister for Energy, Trade and Industry at the Singapore International Energy Week conference on October 26.

The proposed plan will see Saudi Aramco and Energy Market Authority and JTC Corporation of Singapore sign a memorandum of understanding (MOA). The deal is said to be wrapped up in the coming months, added reports.

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Saudi crude oil will be stored at the Jurong Rock Caverns which is an underground facility. This initiative is expected to enhance more stable supplies to Southeast Asia and also assist Singapore in better management of disruptions in energy supply.

However, the amount of the amount of crude oil to be stored, and the cost of the deal, has not been announced.

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