To mark the occasion, Singapore’s Energy Market Authority and JTC Corporation exchanged a memorandum of understanding with the Saudi Arabian Oil Company at the Singapore International Energy Week (SIEW), as a first step towards realising the arrangement.
Singapore’s Ministry of Energy, Trade and Industry and Saudi Arabia’s Ministry of Energy will work closely to advance the arrangement and co-ordinate its implementation with relevant entities.
Under the proposed arrangement, Saudi crude oil would be stored at the Jurong Rock Caverns on Singapore’s Jurong Island. Storage operations are expected to start in the second half of 2027.
The stored crude will support Singapore’s energy needs in the event of a supply disruption, strengthening Singapore’s energy security and resilience. The arrangement will also enhance the resilience of the Saudi crude oil supply chain in Southeast Asia.
The proposed arrangement marks a new stage in energy co-operation between Singapore and Saudi Arabia. It also reflects the two countries’ commitment to strengthening regional energy security and recognises Singapore’s role as a key regional energy hub.
