Saudi Aramco plans to start storing oil in Singapore in the second half of next year as part of its efforts to double overseas storage capacity. The Hormuz crisis has highlighted the need to strengthen its export supply chains, with overseas storage forming an important part of its strategy alongside Hormuz-bypass pipelines and an expanded shipping fleet.
Aramco signed an MoU with Singapore’s Energy Market Authority and JTC Corporation on the sidelines of this week’s Singapore International Energy Week (SIEW). Under the proposed agreement, Aramco will store crude oil at the Jurong Rock Caverns, which have capacity to hold up to 1.47mn m³ of oil; approximately 9mn barrels. These are the first commercial underground rock caverns for oil storage in South East Asia. (CONTINUED - 923 WORDS)
