SingaporeSaudi Arabia will store crude in Singapore’s Jurong caverns from 2027.

Asia imported two-thirds of its crude from the Middle East before the war with Iran.

The caverns sit 150 metres underground and hold up to 1.47 million cubic metres, outside the Strait of Hormuz.

Saudi Aramco signs a memorandum Monday and aims to conclude negotiations in a few months, Singapore’s energy minister said.

How each outlet framed it
Reuters
frames the Jurong Rock Caverns deal as a Saudi supply-security response to Hormuz disruption, with 2027 storage and an Aramco MoU

Sources: Reuters