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Saudi Aramco launches subsidiary for tech ventures

Industry

Saudi Arabian Oil Company (Saudi Aramco) has launched its wholly-owned corporate venturing subsidiary Saudi Aramco Energy Ventures LLC (SAEV)

Dhahran-based SAEV will invest in technologies of strategic importance to Saudi Aramco and support its broader nation-wide initiatives in advancing sustainable domestic energy and water consumption.

SAEV's global investments will target start-up and high-growth companies, which can generate greater value through innovative upstream and downstream technologies, as well as renewable energy, water and energy efficiency technologies.

The company's investments will accelerate the development of new technologies and ultimately contribute to the kingdom’s economic development as innovations are applied to new commercial opportunities, cost reduction and performance improvement.

Khalid Al Falih, Saudi Aramco president and chief executive officer, said, "Saudi Aramco Energy Ventures represents a significant step forward in our corporate transformation to become an integrated energy company with innovation as a key attribute.

"As we continue to address long-term energy challenges, SAEV will help us more effectively engage with the global community of innovators and entrepreneurs who are increasingly important enablers of growth and value in our industry through the development of technologies," he added.

Along with its base in the Middle East, the corporate venturing subsidiary of Saudi Aramco will also have offices in North America and Europe.

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