Sunday, Jul 08, 2012
State oil giant Saudi Arabian Oil Co., known as Saudi Aramco, said late Sunday it set up a new venture-capital subsidiary to invest in international start-ups developing new energy technologies.
The Dhahran-based firm, know as Saudi Aramco Energy Ventures LLC, or SAEV, will target start-up and high-growth companies that can generate value through innovative upstream and downstream technologies as well as from renewable energy, water and energy efficiency technologies, Aramco said in a statement posted on its website.
It will enhance Aramco's "position as a technology leader in the global energy industry, and support its broader kingdom-wide initiatives in advancing sustainable domestic energy and water consumption," it said.
SAEV has offices in North America and Europe, it added.
Saudi Aramco is fully owned by the Kingdom of Saudi Arabia. It is one of the largest oil and gas companies in the world, with activities in exploration, production, refining, distribution, shipping and marketing.
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(END) Dow Jones Newswires
08-07-12 2007GMT
