Saudi Arabia to store oil in Singapore to bolster Asia supply security
The deal aims to bolster supply chain resilience and energy security as Singapore expands partnerships after recent regional disruptions.
- On Monday, Saudi Aramco agreed to store crude oil at Singapore's Jurong Rock Caverns starting in the second half of 2027, according to Minister for Energy, Trade and Industry Dr. Tan See Leng.
- This strategic partnership strengthens Saudi Arabia's supply chain amid recent infrastructure attacks by Houthi rebels, while supporting Singapore's energy security through multiple defensive measures.
- At the Singapore International Energy Week, Dr. Tan warned that "this trend of resource nationalism is particularly concerning," citing Indonesia's natural gas export cuts on Saturday, which represent under 2 per cent of Singapore's daily demand.
- Singapore is expanding its LNG throughput capacity by 50 per cent by 2030 and recently renewed cooperation agreements with QatarEnergy and the Abu Dhabi National Oil Company to diversify energy sources.
- Emphasizing long-term preparedness, Dr. Tan stated, "By preparing well ahead of time, we can face any circumstances with calm, with confidence," as the nation remains continually on the lookout for collaborations to strengthen supply chain resilience.
19 Articles
19 Articles
Saudi Arabia intends to store crude oil in Singapore from the second half of 2027, to enhance its supply flexibility to South-East Asia and to support Singapore ' s energy security in the face of supply disruptions.
The Saudi Ministry of Energy and the Ministry of Energy, Trade and Industry of Singapore have announced their intention to make arrangements for the storage of Saudi crude oil in Singapore.
Riyadh and Singapore have signed an agreement to store Saudi raw materials in Singapore's underground tanks since the second half of 2027 to ensure security of supply to South-East Asia, and operations to store Saudi oil in the Jourong underground tanks are expected to begin in the second half of 2027, and to transfer TASS with reference to Singapore's Ministry of Energy, Trade and Industry. Singapore noted that the establishment of a storage fa…
Singapore, Saudi Arabia to set up crude oil storage arrangement on Jurong Island
Singapore and Saudi Arabia on Monday (Oct 26) announced their joint intent to establish a crude oil storage arrangement in the city state.In a statement the Ministry of Energy, Trade and Industry (METI), said a memorandum of understanding (MOU) was signed between the Saudi Arabia Oil Company (Aramco) and Singapore's Energy Market Authority and JTC Corporation at the Singapore International...
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