Saudi Aramco Launches New Investment Company
| July 9, 2012 – Saudi Aramco has announced the launch of Saudi Aramco Energy Ventures LLC (SAEV), a wholly-owned corporate venturing subsidiary. SAEV, headquartered in Dhahran, will invest in technologies that will enhance Saudi Aramco’s position in the global energy industry, while supporting its Kingdom-wide initiatives in improving domestic energy and water consumption. SAEV plans to invest in start-up and high-growth companies in industries such as upstream oil and gas, downstream oil and gas and value-added products, renewable energy, energy efficiency, and water. SAEV will invest approximately $1 million (SR3.75 million) to $30 million (SR112.5 million) per company. Additionally, SAEV hopes that these investments result in technological advancements that benefit Saudi Arabia’s economic development. |