Saudi Aramco Seeks Investment Opportunities in New Energies Abroad

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Saudi Aramco News

Saudi Arabia,Crude Oil,Natural Gas

The world's largest oil producer is looking to invest in new energy sources and technologies beyond oil and gas, while still maintaining its commitment to the traditional energy sector.

Saudi Aramco is currently eyeing potential investments in new energies outside Saudi Arabia, the state oil giant’s chief executive officer Amin Nasser said on Monday. Aramco’s top executive was speaking on the sidelines of the Special Meeting on Global Collaboration, Growth, and Energy for Development by the World Economic Forum WEF in the Saudi capital Riyadh.

The decision to more than double funds allocation to the venture capital arm reflects “the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative start-ups,” said the Saudi oil giant, which is the world’s top oil firm in terms of both market capitalization and production.

 

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