Saudi Aramco considers expanding storage capacity worldwide after Iran war
Aramco is considering expanding its global oil storage capacity, particularly due to disruptions in the Strait of Hormuz, while also highlighting European regulatory challenges impacting investments.
- Aramco's plans for increased global oil storage.
- Impact of Strait of Hormuz disruptions on energy supply.
- Challenges posed by European regulations on investments.
ROME: Saudi Arabian oil giant Aramco is considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted by the Iran war, Aramco Chairman Yasir Al-Rumayyan said on Thursday.
“Aramco has storage facilities around the world especially in Asia, in Korea and Japan, and we are thinking seriously of having larger storage facilities all over the world,” said Rumayyan, who is also the governor of the Saudi sovereign wealth fund PIF.
Rumayyan was speaking at the FII PRIORITY Europe summit, hosted in Rome and organised by the Saudi non-profit institute Future Investment Initiative, which is backed by PIF.
FII organises Riyadh’s yearly flagship summit, known to some as “Davos in the Desert”, which brings together world leaders, bankers and business bosses.
Rumayyan said PIF had invested €98 billion ($112.86 billion) across Europe and Britain between 2017 and 2025, while Aramco deployed around €80 billion with European suppliers.
He added however that regulations within the European market were the main challenge to investments.
“Regulatory challenges are really hurting investors, such as Aramco, SABIC, PIF, not to only invest more, but to keep their investments in Europe,” Rumayyan said.
“European regulators and policymakers are looking into it. Hopefully we have better solutions.”
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