SINGAPORE – Saudi Arabia and Singapore are discussing a deal to build crude oil storage facilities at Singapore’s Jurong Rock Caverns, with operations expected to commence in the second half of 2027. The proposed agreement aims to increase Asia’s energy security and supply resilience in the wake of delays to oil shipments via the Strait of Hormuz. If approved, the plan might strengthen Singapore’s position as a regional petroleum storage and trading hub, while also enabling more reliable crude oil supplies. The development may also have an impact on tanker movements, petroleum logistics, and demand for industrial and maritime environmental services, such as oily waste disposal and storage facility maintenance.
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(Source: Reuters, The Star)
