Prince Abdulaziz bin Salman Al‑Saud declared at the Singapore International Energy Week that Saudi Arabia will begin storing crude oil in Singapore’s Jurong Rock Caverns in the second half of 2027.
The move follows the 2019‑2023 period when the Strait of Hormuz bottleneck cut off almost two‑thirds of Asia’s Middle‑Eastern oil imports, forcing the region to seek alternative hubs.
Jurong’s caverns, 150 metres underground, can hold 1.47 million cubic metres of liquid hydrocarbons and are already used by Saudi Aramco to store crude in Japan and South Korea, where local governments gain priority access during shortages.
Aramco will sign a memorandum of understanding with Singapore’s Energy Market Authority and JTC Corp on Monday, and the parties expect to conclude negotiations within a few months, tightening the kingdom’s supply chain to key Asian markets and bolstering Singapore’s energy security.
tags: ["Saudi Arabia", "Singapore", "Oil Storage", "Energy Security", "Aramco"]