According to Saudi Aramco chief Amin Nasser, Saudi Arabia has opened talks with foreign governments to gain access to strategic oil storage facilities outside the country.
Expanding oil storage overseas
The company already uses commercial storage facilities in several countries in Asia, Europe and the Middle East and plans to significantly increase that capacity. Saudi Aramco views government strategic reserves as an additional tool to protect supply chains.
The aim is to strengthen storage capacity outside the kingdom to reduce risks associated with disruptions to export infrastructure. Expanding external capacity is intended to complement existing commercial storage.
Diversifying export routes
At the same time, Saudi Aramco is working to expand its own export routes to reduce dependence on particular strategic maritime corridors. The company believes that diversifying transport routes will enable a quicker response to crisis situations.
The decision comes against the backdrop of recent attacks on Saudi infrastructure sites and escalating tensions in the region, which have already affected oil prices. Riyadh is combining the development of its domestic infrastructure with the build-up of reserves abroad as part of a long-term energy security strategy.
