Singapore and Saudi Arabia announced plans Monday, October 26, to store Saudi crude oil in Singapore from the second half of 2027, adding a proposed supply buffer in Southeast Asia.
Singapore energy minister Tan See Leng said in his opening address at Singapore International Energy Week that the oil would be held at Jurong Rock Caverns. He described the proposal as a way to strengthen Saudi supply routes and Singapore’s resilience during disruptions.
The arrangement remains under negotiation. Tan said the parties aimed to finish talks within a few months. CNA subsequently reported that Singapore’s Energy Market Authority and JTC Corporation had exchanged a memorandum of understanding with Saudi Aramco as an initial step.
The announcement sets out a future storage arrangement, rather than an immediate release of oil. The minister’s published address did not specify how much crude would be stored.
Tan also said about half of Singapore’s gas imports now arrive as liquefied natural gas from a diversified group of suppliers, including the United States, the Middle East and Australia. Singapore plans to increase LNG throughput capacity by 50% when a second terminal opens by 2030.
Sources: Singapore Ministry of Energy, Trade and Industry — October 26 energy lecture: https://www.meti.gov.sg/newsroom/singapore-energy-lecture-2026-by-minister-for-energy--trade-and-industry--energy-and-industry--dr-tan-see-leng/ CNA — Singapore energy infrastructure announcement, October 26: https://www.channelnewsasia.com/singapore/energy-infrastructure-plan-electricity-demand-tan-see-leng-siew-6490666 Reuters — Saudi crude storage plan, October 26: https://www.reuters.com/business/energy/saudi-arabia-store-crude-oil-singapore-second-half-2027-2026-10-26/