Saudi Aramco to Inject $4Bln Into Venture Capital Arm

By Pierre Bertrand

The Saudi Arabian Oil Company said that it will more than double funding of its global venture capital arm, Aramco Ventures.

The oil and gas major, also known as Aramco, will inject an additional $4 billion into Aramco Ventures, increasing its total investment to $7 billion from $3 billion, it said on Wednesday.

The additional funds will be distributed over the next four years, Executive Vice President of Technology and Innovation, Ahmad Al Khowaiter, said in a statement.

In all, Aramco's venture capital allocation climbs to $7.5 billion when including the $500 million held by Wa'ed Ventures, which focuses on start-up investments within Saudi Arabia, the company said.

"The decision 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," it said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

January 17, 2024 05:10 ET (10:10 GMT)

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