Saudi Aramco goes underground. Oil will be hidden in rock caves

Saudi Aramco will sign a memorandum of understanding with Singapore's Energy Market Authority and JTC Corp to establish a crude oil storage project in Jurong Rock Caverns. This initiative aims to enhance the continuity of Saudi oil supply chains in Southeast Asia and bolster Singapore's energy security. The underground caverns can store up to 1.47 million cubic meters of hydrocarbons. Saudi Aramco already has storage agreements in Japan and South Korea, addressing regional oil supply shortages. The project reflects a growing need for oil storage in Asia, particularly amid supply disruptions due to geopolitical tensions.