Foreign: Saudi Aramco is considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted by the Iran-Iraq war, Aramco Chairman Yasir Al-Rumayyan said on Thursday.
According to Reuters, published on June 18, 2026, Rumayyan, governor of Saudi Arabia’s sovereign wealth fund PIF, said: “Aramco has storage facilities around the world, especially in Asia, Korea and Japan, and we are seriously thinking about having larger storage facilities around the world.”
Rumayyan was speaking at the FII PRIORITY Europe Summit in Rome and organized by the Saudi non-profit Future Investment Initiative, which is supported by PIF.
FII hosts its annual Riyadh summit, known as the “Davos in the Desert” that brings together world leaders, bankers and business leaders. Rumayyan also said that the PIF has invested 98 billion euros ($112.86 billion) across Europe and the UK between 2017 and 2025, while Aramco has invested about 80 billion euros with European suppliers.
