ROME - 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 said on Thursday.

"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.

FII organises Riyadh's ‌yearly flagship summit, known to ⁠some as "Davos in the Desert", which brings together world leaders, bankers and business bosses.

Rumayyan said PIF had invested €98 billion ($112.86 billion) across Europe and Britain between 2017 and 2025, while Aramco deployed around €80 billion with European suppliers.

He added however that regulations within the European market were the main challenge to investments.

"Regulatory challenges ‌are really hurting investors, such as Aramco, SABIC, ⁠PIF, not to only invest more, ​but to keep their investments in Europe," Rumayyan said.

"European regulators and policymakers are looking into it. Hopefully we ​have better ‌solutions."

($1 = 0.8684 euros)

(Reporting by Timour Azhari; ⁠Writing by Nayera ​Abdallah; Editing by Barbara Lewis and Jan Harvey)