Saudi Arabian oil giant Aramco is considering expanding its storage capacity worldwide due to disrupted energy supplies through the Strait of Hormuz caused by the Iran war, according to Chairman Yasir Al-Rumayyan.
Aramco has storage facilities globally, particularly in Asia, Korea, and Japan. Rumayyan stated at the FII PRIORITY Europe summit that Aramco is seriously considering having larger storage facilities worldwide.
Rumayyan also mentioned that the Saudi sovereign wealth fund PIF invested €98 billion ($112.86 billion) across Europe and Britain between 2017 and 2025, while Aramco deployed around €80 billion with European suppliers.
However, regulatory challenges within the European market are hindering investments, according to Rumayyan. He added that European regulators and policymakers are addressing these issues, hoping for better solutions.