RIYADH: Saudi Arabia’s state-owned energy giant Aramco is considering expanding its oil storage capacity worldwide following supply disruptions caused by the recent conflict involving Iran, according to comments made by Aramco Chairman Yasir Al-Rumayyan.
Speaking at the FII PRIORITY Europe summit in Rome, Al-Rumayyan said the company is assessing plans to increase its storage footprint across international markets to strengthen energy security and improve supply resilience.
“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,” Al-Rumayyan said.
The comments come after energy shipments through the Strait of Hormuz were disrupted during the Iran war, highlighting the vulnerability of one of the world’s most important oil transit routes and prompting producers to consider additional safeguards for global supply chains.
Al-Rumayyan, who also serves as governor of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), made the remarks during the FII PRIORITY Europe summit, an event hosted in Rome by the Saudi-based non-profit Future Investment Initiative Institute, which is backed by the PIF.