ROME: Saudi Arabia’s energy giant Aramco is considering expanding its oil storage infrastructure worldwide following disruptions to energy shipments through the Strait of Hormuz during the recent Iran conflict, according to Aramco Chairman Yasir Al-Rumayyan.
Speaking at the FII PRIORITY Europe Summit in Rome, Al-Rumayyan said the company is evaluating plans to increase its global storage capacity to strengthen supply security and improve its ability to respond to future geopolitical disruptions.
“Aramco has storage facilities around the world, particularly in Asia, including South Korea and Japan, and we are seriously considering establishing larger storage facilities globally,” he said.
The comments come in the wake of heightened concerns over energy supply routes after tensions in the Gulf region disrupted shipments through the Strait of Hormuz, one of the world’s most important oil transit chokepoints.
The summit was organized by the Saudi-backed Future Investment Initiative (FII) Institute, a non-profit organization supported by the Public Investment Fund (PIF). FII is also known for hosting Riyadh’s flagship annual investment gathering, often referred to as the “Davos in the Desert,” which attracts global political leaders, investors, and corporate executives.
Al-Rumayyan, who also serves as Governor of Saudi Arabia’s Public Investment Fund, highlighted the Kingdom’s growing economic engagement with Europe. He revealed that PIF invested approximately €98 billion ($112.9 billion) across Europe and the United Kingdom between 2017 and 2025, while Aramco spent nearly €80 billion with European suppliers during the same period.
Despite the significant level of investment, Al-Rumayyan expressed concerns about regulatory hurdles in Europe, describing them as a major obstacle to further investment.
“Regulatory challenges are really hurting investors such as Aramco, SABIC, and PIF, not only in terms of increasing investments but also in maintaining existing investments in Europe,” he said.
He added that European policymakers are aware of the concerns and are reviewing the regulatory environment, expressing hope that more investor-friendly solutions would emerge in the future.
The proposed expansion of Aramco’s storage network underscores the company’s strategy to enhance global energy resilience, secure supply chains, and strengthen its position in key international markets amid an evolving geopolitical landscape.
By Reuters
