See, we could have stored crude when it was USD45 a barrel.
Dateline 2015-02-27, The Malaysian Insider:
Malaysia is willing to work with Singapore to become part of a regional oil pricing area, including offering land for storage the island state lacks, the head of a Malaysian state body coordinating a major new oil hub said.
Despite being an oil and gas exporter, Malaysia lacks sufficient storage and refineries to allow it to act as a pricing hub like Singapore, Europe’s ARA hub (Amsterdam, Rotterdam and Antwerp) or Houston in the United States.
In a bid to remedy this, Malaysia is building the Pengerang Integrated Petroleum Complex (PIPC) at its southern most point in Johor state, about 10km east of Singapore.