| Kippreport.com

Saudi Aramco to invest in new energy ventures

July 10, 2012 10:41 by Reuters

Saudi Aramco has launched an investment arm to buy into companies that have developed technologies of strategic importance to Saudi Arabia and speed their deployment in the kingdom, the state-run energy group said.

Saudi Aramco Energy Ventures LLC (SAEV) plans to invest in start-up and high-growth ventures offering new technologies to the upstream and downstream oil and gas sctors, renewables, energy efficiency and water supply, the company said on Monday.

“As we continue to address long-term energy challenges, SAEV will help us more effectively engage with the global community of innovators and entrepreneurs,” said Khalid Al-Falih, chief executive of Aramco.

The world’s largest oil producer, which has been pumping close to a billion dollars worth of crude a day at times this year, gave no detail of the funds available to its investment arm.

Individual investments were expected to range from $1 million to $30 million per company, SAEV said, depending on the stage of development, size of opportunity, strategic relevance to Saudi Aramco and capital intensity.

Tags: chief executive of Aramco Khalid Al-Falih, investment, new energy ventures, Saudi Arabia, Saudi Aramco, Saudi Aramco Energy Ventures LLC