Yasir al-Rumayyan, chairman of Saudi Aramco and governor of the Public Investment Fund (PIF), said Aramco is considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted. He stated that Aramco already owns extensive storage facilities worldwide, particularly in Asia, including Japan and South Korea. Al-Rumayyan also said that in Saudi Arabia, they think in years and decades, rather than just quarters.

According to alarabiya, al-Rumayyan said Saudi Arabia’s East-West pipeline has been essential in protecting the country’s economy during the Iran war. According to argaam.com, he said that had it not been for previous planning in Saudi Arabia, the consequences of the Iran war could have been much worse, and that the impact of conflicts in the Middle East and the closure of the Strait of Hormuz has extended beyond the energy sector to include petrochemicals, fertilizers, and advanced industries.

According to tankterminals.com, al-Rumayyan said that PIF has invested €98 billion ($112.86 billion) across Europe and Britain between 2017 and 2025, and that Aramco has deployed around €80 billion with European suppliers. He also said that regulatory challenges in Europe are hurting investors such as Aramco, SABIC, and PIF from investing more or keeping their investments in Europe.