“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 only to invest more, but to keep their investments in Europe,” Rumayyan said.

“European regulators ⁠and ​policymakers are looking into it. ​Hopefully, we have better solutions.”