Saudi Arabia may set up crude oil storage in Singapore

The joint venture will commence in Jurong Island in the second half of 2027.

Singapore’s Ministry of Energy, Trade and Industry and the Kingdom of Saudi Arabia’s (KSA) Ministry of Energy, announced their joint intent to establish a crude oil storage facility in Jurong Island on 26 October.

The crude oil is expected to be stored at the Jurong Rock Caverns in the second half of 2027.

The Energy Market Authority and JTC Corporation exchanged a Memorandum of Understanding with the Saudi Arabian Oil Company during Singapore’s International Energy Week.

The report said that the stored crude oil will support the country’s energy demands during supply disruptions, strengthening Singapore’s energy security and resilience.

It also said that the arrangement will enhance the Saudi crude oil supply chain in Southeast Asia.

Both countries will work closely to advance the arrangement and coordinate implementation with relevant authorities.

Follow the link for more news on

Singapore oil industry

A NOTE FROM SINGAPORE BUSINESS REVIEW

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia