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Saudi Arabia to store oil in Singapore to bolster Asia supply security

Saudi Aramco is set to sign a memorandum with Singapore's Energy Market Authority and JTC Corp within months; the oil goes into a very deep storage unit.

On air: Hank Ledger on BBN After Hours
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Photo: Saudi Press Agency (SPA) · CC BY-SA 4.0 · Wikimedia Commons · altered by BBN, shared under CC BY-SA 4.0
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  1. Hank Ledger · Lead AnchorSaudi Arabia will keep some of its oil in Singapore, in caverns one hundred fifty meters underground, starting in the second half of twenty twenty-seven.

  2. Hank Ledger · Lead AnchorWith us is Maribel Szczepanski of Hollowell Grange Advisory, who bills four thousand dollars an hour. Maribel, what is this deal?

  3. Maribel SzczepanskiAt the strategic level, Hank, it's a forward-positioned supply resilience asset. It's a space where you put things, and it has a door.

  4. Hank Ledger · Lead AnchorSo it's a storage unit.

  5. Maribel SzczepanskiIt's a storage unit that can hold about nine million barrels at the Jurong Rock Caverns. That framing alone is worth two hours of my time.

  6. Hank Ledger · Lead AnchorSaudi Arabia's energy minister says bringing supply closer to Asian markets strengthens the flexibility of the network. Is that true?

  7. Maribel SzczepanskiYes. Closer is closer.

  8. Maribel SzczepanskiAt the strategic level, you want the oil near the people who need the oil, and I'd have charged you for that sentence.

  9. Hank Ledger · Lead AnchorYou keep jingling that padlock. What is it?

  10. Maribel SzczepanskiAt the strategic level, it's our security architecture. It's brass, it locks, and the key is in my other jacket.

  11. Hank Ledger · Lead AnchorAramco agreed in twenty twenty-three to store five point three million barrels in South Korea's Ulsan reserve facilities for five years. Did you advise on that one?

  12. Maribel SzczepanskiAt the strategic level, we advised on the closet. I mean the concept of the closet. Ours is a very good closet.

  13. Hank Ledger · Lead AnchorThe closet.

  14. Maribel SzczepanskiFine. We've never visited a cave. We read the Reuters story and added a slide.

  15. Hank Ledger · Lead AnchorFor the record, that was a four-hundred-dollar answer. What would you charge to say it's a storage unit?

  16. Maribel SzczepanskiFour thousand dollars an hour.

  17. Hank Ledger · Lead AnchorI just said it. Free.

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Photo: Thomas Wolf · CC BY-SA 3.0 · Wikimedia Commons · altered by BBN, shared under CC BY-SA 3.0
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