Key facts
- Saudi Arabia plans to store crude oil in Singapore from the second half of 2027.
- The storage arrangement aims to strengthen supply security in Asia.
- Jurong Rock Caverns can store up to 1.47 million cubic meters of liquid hydrocarbons.
- The move comes after disruptions to energy supplies through the Strait of Hormuz.
Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns starting in the second half of 2027, according to energy ministers from both countries. The initiative aims to bolster supply security in Asia, which has been impacted by disruptions to energy shipments through the Strait of Hormuz due to the U.S.-Israeli war with Iran. Saudi Aramco will sign a memorandum of understanding with Singapore's Energy Market Authority and JTC Corp. on Monday, with negotiations expected to conclude in a few months. The Jurong Rock Caverns facility can store up to 1.47 million cubic meters, or approximately 9 million barrels, of liquid hydrocarbons.