Mideast Oil Leaders Call for Global Investment in War-Damaged Energy Infrastructure

The top executives of Saudi Aramco and Kuwait Petroleum Corp have called for global collaboration to shoulder the financial burden of repairing and expanding energy infrastructure damaged by the Iran war. The conflict has caused extensive harm to oil pipelines, refineries, and tankers, with repair costs already reaching tens of billions of dollars.

Amin Nasser, CEO of Saudi Aramco, and Sheikh Nawaf Al-Saba, head of Kuwait Petroleum Corp, emphasized the need for collective investment during the Energy Intelligence Forum. Nasser stressed that oil and gas infrastructure is a shared necessity, not just a cost to be minimized. Sheikh Nawaf highlighted the urgent need for Europe to invest in storage facilities for refined fuels, as the continent faces severe shortages, particularly in diesel.

Aramco is exploring alternative export routes and plans to significantly expand its overseas storage capacity. The company’s East-West pipeline, a critical route bypassing the Strait of Hormuz, has already proven its value, with the investment paying off in just 14 days after the conflict began. Nasser urged other nations to enhance the resilience of their supply chains to better withstand future disruptions.

Sheikh Nawaf noted that even if the conflict ended today, replenishing depleted stockpiles would require an additional two million barrels of oil per day for up to two years. Both executives underscored the importance of global cooperation in addressing the ongoing energy crisis.