Saudi Arabian oil giant Aramco is considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted by the Iran war, Aramco Chairman Yasir Al-Rumayyan says, according to Reuters.

“Aramco has storage facilities around the world especially in Asia, in Korea and Japan, and we are thinking seriously of having larger storage facilities all over the world,” said Rumayyan, who is also the governor of the Saudi sovereign wealth fund PIF.

Rumayyan was speaking at the FII PRIORITY Europe summit, hosted in Rome and organised by the Saudi non-profit institute Future Investment Initiative, which is backed by PIF.