Saudi Arabia to store crude oil in Singapore from 2027 — Pajhwok

KABUL (Pajhwok): Saudi Arabia plans to store crude oil in underground facilities in Singapore from the second half of 2027 as the two countries seek to strengthen energy security amid disruptions to oil supplies, Reuters reported on Monday. The proposed arrangement follows major disruptions to energy shipments to Asia through the Strait of Hormuz amid the US-Israeli war with Iran. The crisis has prompted countries to use their existing oil reserves and raised concerns over global stockpile levels. Singapore’s Minister for Energy, Trade and Industry, Tan See Leng, announced the plan at the Singapore International Energy Week conference. He said Saudi crude would be stored at the Jurong Rock Caverns, an underground facility on Jurong Island. Tan said Saudi Aramco was due to sign a memorandum of understanding with Singapore’s Energy Market Authority and JTC Corporation on Monday. Negotiations were expected to be completed within a few months. Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud said locating supplies closer to major Asian markets would make the supply network more flexible and improve Singapore’s ability to manage potential shortages. The underground caverns, situated about 150 metresbelow ground, have a storage capacity of 1.47 million cubic metres of liquid hydrocarbons, equivalent to roughly nine million barrels of crude oil and condensate. Saudi Aramco already maintains crude oil storage facilities in Japan…