Saudi Arabia plans to store crude oil in Singapore from the second half of 2027 under a proposed arrangement, according to the supplied material. The arrangement is aimed at strengthening Saudi Arabia's supply chain in Southeast Asia and supporting Singapore's energy security.
Singapore's Energy Market Authority and JTC Corp. exchanged a memorandum of understanding with the Saudi Arabian Oil Co. on Oct. 26 at the Singapore International Energy Week. The exchange marked an initial step toward establishing the arrangement.