Saudi Arabia and Singapore have signed an agreement to store Saudi oil in underground tanks in Singapore from the second half of 2027, Singapore's Ministry of Energy, Trade and Industry said. The agreement is necessary to ensure the security of supplies to Southeast Asia in the event of disruptions in the Middle East. According to the proposed plan, Saudi oil will be stored in underground Jurong reservoirs on the island of the same name. Storage operations are expected to begin in the second half of 2027. The ministry noted that oil storage will help meet Singapore's energy needs during supply disruptions and strengthen the country's energy security. In addition, the initiative will improve the reliability of the Saudi oil supply chain throughout Southeast Asia. At the beginning of October, at a meeting of the Asian Zero Emission Community Ministers in Manila, Saudi Arabia and the United Arab Emirates expressed their willingness, with Japanese assistance, to help the ASEAN countries build oil reserves to overcome their vulnerability in the Gulf crisis. Due to extremely insignificant internal reserves, the region faces an acute shortage of raw materials, and therefore the countries of Southeast Asia decided to implement the Japanese model: Tokyo leases its reserves to exporters from the Middle East in exchange for the first right to purchase oil in crisis situations. Energopole at MAX.

Saudi Arabia and Singapore have signed an agreement to store Saudi oil in underground tanks in Singapore from the second half of 2027, Singapore's Ministry of Energy, Trade and Industry said. The agreement is necessary to ensure the security of supplies to Southeast Asia in the event of disruptions in the Middle East. According to the proposed plan, Saudi oil will be stored in underground Jurong reservoirs on the island of the same name. Storage operations are expected to begin in the second half of 2027. The ministry noted that oil storage will help meet Singapore's energy needs during supply disruptions and strengthen the country's energy security. In addition, the initiative will improve the reliability of the Saudi oil supply chain throughout Southeast Asia. At the beginning of October, at a meeting of the Asian Zero Emission Community Ministers in Manila, Saudi Arabia and the United Arab Emirates expressed their willingness, with Japanese assistance, to help the ASEAN countries build oil reserves to overcome their vulnerability in the Gulf crisis. Due to extremely insignificant internal reserves, the region faces an acute shortage of raw materials, and therefore the countries of Southeast Asia decided to implement the Japanese model: Tokyo leases its reserves to exporters from the Middle East in exchange for the first right to purchase oil in crisis situations. Energopole at MAX.