Aramco Eyes Larger Global Storage Beyond Current Capacity

Saudi Aramco is considering building or acquiring global storage facilities that would surpass its current capacity, Chairman Yasir Al Rumayyan said during a session in Dhahran. The state oil producer already operates crude and product storage in hubs such as Rotterdam, Okinawa, and Egypt. Al Rumayyan gave no details on specific locations, timelines, or budget.

The move would extend Aramco's downstream logistics footprint beyond its existing network. Expanding owned storage gives Aramco more flexibility to allocate crude and refined products across markets.

Saudi Arabia has been pushing to expand its global economic reach. The kingdom rose to 13th in a global competitiveness ranking this year, driven partly by reforms under the Vision 2030 plan. Aramco's storage expansion fits into that broader push for international influence.

Al Rumayyan, who also serves as governor of the Public Investment Fund, did not say when the company would finalize plans or how much it would spend. The project remains under study.