Singapore Working With Saudi Arabia on Crude Storage to Boost Energy Security

By Fabiana Negrin Ochoa

Singapore and Saudi Arabia are working to establish crude-oil storage in the Southeast Asian city-state to bolster the financial hub's energy security.

Under the proposed arrangement, crude from Saudi Arabia could be stored on Singapore's Jurong Island starting from the second half of next year.

The move will support Singapore's energy needs in the event of a supply disruption, while also bolstering the resilience of the Saudi crude oil supply chain in Southeast Asia, the Singapore and Saudi energy ministries said Monday.

As the first step toward realizing the arrangement, Singapore's Energy Market Authority and JTC Corp. will sign a memorandum of understanding with Saudi Arabian energy giant Saudi Aramco.

Since the U.S.-Iran conflict broke out in February, countries have been scrambling to find ways to secure their energy needs. Like many other economies in Asia, Singapore relies on the Middle East for its energy needs.

In a speech on Monday, Singapore's Minister for Energy, Trade and Industry, Tan See Leng, warned about the impact of continued disruptions to global energy flows due to the closure of the Strait of Hormuz--a key shipping route--and potential escalation following recent Houthi attacks on Saudi infrastructure.

"Energy is an existential priority," he said. "Our economic growth and quality of life depend on continued access to reliable and affordable energy."

Singapore's GasCo has also signed an MOU with Thailand's PTT to explore cooperation in areas such as liquefied natural gas supply optimization, the minister said.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

October 26, 2026 01:00 ET (05:00 GMT)