Singapore and Saudi Arabia are cooperating to establish crude oil storage facilities in this Southeast Asian city-state to enhance the energy security of the financial center. According to the proposed arrangement, crude oil from Saudi Arabia can be stored on Jurong Island in Singapore starting in the second half of next year. Singapore and Saudi Arabia's energy ministries said on Monday that the move will help meet Singapore's energy needs when supply is disrupted, while strengthening 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.

Singapore and Saudi Arabia are cooperating to establish crude oil storage facilities in this Southeast Asian city-state to enhance the energy security of the financial center. According to the proposed arrangement, crude oil from Saudi Arabia can be stored on Jurong Island in Singapore starting in the second half of next year. Singapore and Saudi Arabia's energy ministries said on Monday that the move will help meet Singapore's energy needs when supply is disrupted, while strengthening 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.