Mideast Oil CEOs Call for Global Investment in War-Damaged Energy Infrastructure
The CEOs of Saudi Aramco and Kuwait Petroleum Corp. have called on global consumers to help shoulder the financial burden of repairing energy infrastructure damaged by the ongoing Iran war. Amin Nasser of Aramco and Sheikh Nawaf Al-Saba of KPC emphasized that the conflict has caused tens of billions of dollars in damages to pipelines, refineries, gas plants, and tankers, necessitating significant new investments.
Nasser warned that even if the war ended today, replenishing depleted stockpiles could require an additional 2 million barrels per day for up to two years. Aramco is exploring alternative export routes and expanding overseas storage capacity, while KPC seeks European investment to build fuel-storage infrastructure closer to consumers. Sheikh Nawaf stressed that European nations must contribute to these logistical investments to ensure a steady supply of refined products like diesel and jet fuel.
Nasser highlighted the importance of resilience in global energy supply chains, citing Aramco’s East-West pipeline as an example. The pipeline’s construction costs were justified within just 14 days after the conflict disrupted shipments through the Strait of Hormuz. Both executives urged the international community to invest in more flexible and resilient energy systems to mitigate future risks.