Saudi Arabia and Singapore announced an agreement to store Saudi crude oil in the Jurgong Rock Caves in the second half of 2027. This was said at the Singapore International Energy Week conference by Singapore's Minister of Energy, Trade and Industry Tan See Lang. According to the minister, the agreement will improve the resilience of the Saudi oil supply chain in Southeast Asia, as well as contribute to Singapore's energy security and resilience in the event of supply disruptions. Tan Si Lang said Saudi Aramco will sign a memorandum of understanding with the Energy Market Authority and JTC Corp on Monday, and the company intends to complete negotiations within a few months. Saudi Energy Minister Abdulaziz bin Salman Al Saud said in a video speech at the conference that bringing supplies closer to key Asian markets would increase supply chain flexibility and strengthen Singapore's supply security and preparedness. Caves 150 mm underground on Jurgong Island can hold up to 1.47 million cubic meters, or about 9 million barrels of liquid hydrocarbons such as crude oil and condensate. Saudi Aramco currently stores oil in Japan and South Korea, where local governments have priority rights to purchase reserves from reservoirs in case of unexpected shortages. In September 2017, under an agreement with the Japan National Oil, Gas and Metals Corporation (JOGMEC), the capacity of crude oil storage facilities in Okinawa was expanded to 8.2 million barrels, Aramco Japan said on its website. In 2023, Aramco entered into an agreement with Korea National Oil Company to store 5.3 million barrels of oil in South Korean reserve facilities at the port of Ulsan for five years.