Singapore and Saudi Arabia partner to establish crude oil storage facilities to enhance energy security.

Singapore and Saudi Arabia are collaborating to establish a crude oil storage facility in the Southeast Asian city-state to strengthen the financial hub's energy security. Under the proposed arrangement, crude oil from Saudi Arabia could be stored on Singapore's Jurong Island starting in the second half of next year. The energy ministries of Singapore and Saudi Arabia said on Monday that the move will help meet Singapore's energy needs during supply disruptions while enhancing the resilience of Saudi Arabia's crude oil supply chain in Southeast Asia. As a first step in implementing the arrangement, Singapore's Energy Market Authority and JTC Corp. will sign a memorandum of understanding with Saudi Arabian energy giant Saudi Aramco.