Saudi Aramco eyes global storage to boost energy security

Saudi Arabia is developing a new strategy to bolster global supply chains and forge deeper economic ties with Europe, moving beyond current geopolitical challenges. Saudi Aramco is actively studying plans to create additional oil storage facilities in strategic global locations, aiming to strengthen energy security. This initiative is part of a broader effort to ensure stability in energy markets and protect supply lines from sudden disruptions.

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Aramco was studying plans to establish additional oil storage facilities in strategic locations worldwide to strengthen energy security.

Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF) and Chairman of Saudi Aramco, announced that the PIF is preparing approximately 140 new investment opportunities for European partners, valued at 10.4 billion euros, targeted for 2030. These initiatives follow previous investments that reportedly supported European GDP by $80.6 billion and created 160,000 jobs.

Simultaneously, Riyadh has activated 41 contingency and business continuity plans to address potential fallout from the closure of critical shipping routes like the Strait of Hormuz and Bab al-Mandab, ensuring the security of maritime and air traffic. Al-Rumayyan highlighted that recent crises underscore the necessity of long-term planning, noting Aramco's operational continuity exceeding 99% during periods of tension and rapid facility restarts after attacks.

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The PIF was preparing about 140 new investment opportunities for European partners worth 10.4 billion euros by 2030.

Speaking at the FII PRIORITY Europe 2026 summit in Rome, Al-Rumayyan advocated for "energy realism," stating that while new and renewable energy sources are important strategic additions, they cannot fully replace oil and gas. He pointed out that Saudi Aramco already possesses vital oil storage facilities in key Asian markets like South Korea and Japan, and the current study focuses on expanding this network to other regions.

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Recent crises had underscored the importance of long-term planning.

Al-Rumayyan also addressed regulatory and legal hurdles that have slowed Saudi investments in Europe, affecting major companies like Aramco, SABIC, and the PIF. He expressed hope that European policymakers and regulators, who are reportedly aware of these obstacles, will find better solutions to facilitate increased capital flows and ensure the sustainability of existing projects.

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new and renewable energy sources were an important strategic addition but not a full replacement for oil and gas.