Aramco is exploring an expansion of its East-West Pipeline, which carries Saudi crude to Red Sea export hubs and can transport up to 7 million barrels a day. CEO Amin Nasser also said the company was exploring additional export routes and overseas storage capacity as Aramco reported a more than one-third surge in third-quarter net profit.
Aramco CEO Amin Nasser said the company was exploring a potential expansion of the East-West Pipeline, which carries Saudi crude to export hubs on the Red Sea and has capacity of up to 7 million barrels of oil a day. The company was also exploring additional export routes and overseas storage capacity.
Nasser said the effective blockade of the Strait of Hormuz, previously a conduit for 20% of global oil supplies, had reshaped energy flows and infrastructure investment priorities. He said more than 130 attacks on tankers had been reported, mainly against very large crude carriers, and freight rates had risen more than 15 times from a year earlier. Nasser also cited higher transportation costs and fertiliser shortages as contributing to inflationary pressures.
