{"text":[[{"start":9.93,"text":"Singapore will begin storing Saudi Arabian oil in rock caverns from next year as it responds to global energy disruption from the war in the Middle East. "}],[{"start":18.09,"text":"The oil will be stored in the Jurong Rock Caverns, an underground facility on a man-made island off Singapore’s southern coast that can hold up to nine million barrels. "}],[{"start":27.04,"text":"The agreement with Saudi Aramco aims to secure energy supplies for south-east Asia and increase Singapore’s resilience to global shocks, the city-state’s energy minister said on Monday. "}],[{"start":37.64,"text":"“We cannot predict every disruption, but we will always ensure that Singapore is prepared for them,” said Tan See Leng. "},{"start":44.294,"text":"“This will be the most significant build-up of our energy infrastructure in decades. ”"}],[{"start":48.8,"text":"The city-state will also add five new gas-fired power plants to increase its electricity generation by 26 per cent over the next decade. "}],[{"start":57.51,"text":"As Asia’s energy trading hub, Singapore is especially vulnerable to global market disruptions. "},{"start":63.314,"text":"It also relies on imported gas to generate 95 per cent of its electricity. "}],[{"start":68.89,"text":"Its vulnerability was exposed at the weekend when Indonesia, one of its biggest suppliers, said it would cut pipeline gas exports to Singapore by about 31mn cubic feet a day in order to meet its domestic needs. "}],[{"start":81.42,"text":"On Sunday, Prime Minister Lawrence Wong told the annual convention of the ruling People’s Action Party that his government had invested in liquefied natural gas import facilities and was closely assessing whether to add nuclear power to Singapore’s energy mix. "}],[{"start":95.12,"text":"On Indonesia’s move, he said: “We expect all parties to honour their commitments and Singapore’s gas importer will take the necessary steps to protect its rights and interests under these contracts. ”"}],[{"start":105.80000000000001,"text":"Saudi Arabia’s storage agreement with Singapore is one of several being pursued by Riyadh with foreign governments to allow Saudi Aramco to store oil in other locations. "}],[{"start":115.52000000000001,"text":"The kingdom has looked for ways to protect its global supply routes after they were disrupted by the closure of the Strait of Hormuz and attacks on its energy infrastructure since the US-Iran war began. "}],[{"start":125.72000000000001,"text":"“Bringing supply closer to the key Asian market would strengthen the flexibility of our supply network and support Singapore’s security of supply and preparedness,” said Saudi energy minister Prince Abdulaziz bin Salman. "},{"start":137.09900000000002,"text":"“We see the potential for this co-operation to grow further. ”"}],[{"start":140.10000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793003582_4030.mp3"}