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Archive photo · 27 February 2011

8 outlets compared

Saudi Arabia And Singapore Plan Saudi Crude Storage At Jurong Rock Caverns From 2027

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Photo: Jacklee., CC BY-SA 3.0 · Cropped for layout

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Storage begins in the second half of 2027 at Jurong Rock Caverns. Aramco to sign an MoU with Singapore EMA and Jurong Group.

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Saudi crude storage deal

Singapore’s Minister for Energy, Trade and Industry Dr. Tan See Leng said Saudi Arabia and Singapore were announcing their joint intent to establish an arrangement for Saudi crude oil to be stored at the Jurong Rock Caverns from the second half of 2027.

Prince Abdul Aziz Bin Salaman Al Saud highlighted Saudi Arabia’s commitment to supply energy reliably to markets globally despite ongoing geopolitical tensions that threaten to disrupt supply chains.

Tan said the arrangement would enhance the resilience of the Saudi crude oil supply chain in Southeast Asia and contribute to Singapore’s energy security and resilience in the event of supply disruptions.

Saudi Aramco was expected to sign a Memorandum of Understanding with the Energy Market Authority of Singapore, Tan said, as the announcement was made during the first day of the Singapore International Energy Week (SIEW).

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ABS-CBN

Negotiations and partners

Tan said Saudi Aramco would sign a memorandum of understanding with the Energy Market Authority and JTC Corporation on Monday, and he added that negotiations were expected to be concluded within a few months. The plan would use Singapore’s Jurong Rock Caverns, an underground facility, to store Saudi crude oil, and the report did not specify the volume of crude oil to be stored or the financial value of the arrangement.

Energy ministers from both countries announced on Monday that Saudi Arabia planned to store crude oil at Jurong Rock Caverns from the second half of 2027 to bolster Asia supply security. Prince Abdulaziz bin Salman Al-Saud said in a video recording that bringing supply closer to key Asian markets would strengthen the flexibility of the supply network and support Singapore’s security of supply and preparedness.

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India Today

The Business Standard

Capacity and regional risk

The rock caverns at Jurong Island, located at a depth of 150 metres (492 feet) below ground, can store up to 1.47 million cubic metres, or roughly 9 million barrels of liquid hydrocarbons such as crude oil and condensate. Saudi Aramco currently stores crude in Japan and South Korea, where local governments have priority to buy the supplies in the tanks in the event of an unexpected shortage.

The plan was announced on Monday as a move to bolster energy supply security in the region after oil supplies to Asia were severely choked in the Strait of Hormuz due to the US-Iran war. Tan See Leng said, "Saudi Arabia and Singapore are announcing our joint intent to establish an arrangement for Saudi crude oil to be stored at the Jurong Rock Caverns from the second half of 2027," at the Singapore International Energy Week conference.

Shoreline refinery structures, tanks and pipework under a cloudy sky27 February 2011 · Archive photoPhoto: Jacklee., CC BY-SA 3.0

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The Business Standard

The Times of India

The coverage, compared

No contrasting quotation pair was identified in this analysis. The original reports are linked below.

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Original reports from 8 outlets

ABS-CBN
Saudi Arabia to store crude oil in Singapore in mid-2027
India Today
Saudi Arabia plans crude oil storage in Singapore from 2027
investingLive
Saudi Arabia plans to store crude oil in underground caverns on Jurong Island in Singapore starting in the second half of 2027, according to statements by the energy ministers of both countries. The Singapore International Energy Week announcement aims to bolster regional supply security as the war between the United States and Israel with Iran severely disrupts flows through the Hormuz Strait. Before the conflict, roughly two-thirds of Asia’s crude came from the Middle East. Saudi Aramco is set to sign a memorandum of understanding on Monday with the Energy Market Authority of Singapore and Jurong Group, with a goal to conclude negotiations within a few months. Singapore says the deal will increase the resilience of Saudi supply chains in Southeast Asia and its own energy security during disruptions. Saudi Arabia plans to store crude oil in underground caverns on Jurong Island in Singapore starting in the second half of 2027, as a measure to strengthen energy security across Asia while the war with Iran continues to disrupt shipments through the Hormuz Strait. The plan was announced on Monday by the Saudi and Singapore energy ministers at the Singapore International Energy Week. Singapore’s energy minister said the two countries had in principle agreed to establish the agreement, which would make Saudi supply chains in Southeast Asia more resilient while supporting Singapore’s own energy security in case of supply interruptions. Saudi Aramco is set to sign a memorandum of understanding on Monday with the Energy Market Authority of Singapore and Jurong Group, the state developer of the island’s industrial park. The parties aim to conclude negotiations within a few months. The announcement reflects the pressure the conflict has placed on Asia’s energy supplies. The war between the United States and Israel with Iran has severely disrupted flows through the Hormuz Strait, the narrow waterway that transships a large share of the Gulf’s crude exports. Before the war, about two-thirds of Asia’s crude oil came from the Middle East, leaving refineries and governments in the region highly exposed to any disruption. Storing Saudi crude in Singapore would place supplies within reach of major Asian buyers, giving the kingdom a way to continue serving customers if Gulf export routes are blocked or delayed. For Singapore, already a major refining and trading hub, the caverns would add a strategic cushion to its energy system. The storage will not commence operation until the second half of 2027, so it does not provide relief from the current disruption. But the agreement suggests that both producers and consumers are preparing for a longer period in which Gulf supply routes can no longer be taken for granted, and other similar deals could follow as Asian importers seek to diversify their exposure.
Singapore Business Review
Saudi Arabia may set up crude oil storage in Singapore
The Business Standard
Saudi Arabia to store oil in Singapore to bolster Asia supply security
The Economic Times
Saudi Arabia to store crude oil in Singapore from second half of 2027
The Times of India
Saudi Arabia’s Singapore plan: Riyadh eyes oil storage hub from 2027 amid Hormuz disruption
Ash-Sharq Bloomberg
Singapore is preparing to store Saudi oil in Gorong Caverns next year.