Saudi Aramco Energy Ventures (SAEV), the corporate venture capital arm of Saudi Arabia-based oil and gas producer Saudi Aramco, intends to establish a $400m to $500m fund this year, The National reported on Saturday.
The unit will continue to invest in companies developing technology relevant to the core strategic areas for its parent company. It will open an office in Beijing, China later this month and already operates offices in London and Aberdeen in the UK, Houston in the US and Oslo in Norway.
State-owned Saudi Aramco is active throughout Asia, Europe and the Americas, providing petroleum, gas and chemicals, and related services such as supply chain management, financing and political and economic analyses through various subsidiaries.
The company completed the biggest ever initial public offering yesterday when underwriters took up a greenshoe option and increased its size to $29.4bn. The listing has given Saudi Aramco a valuation of $1.87 trillion, making it the world’s most valuable company.
SAEV launched with a $500m fund in 2012 and has invested in 45 companies to date. The report of a second fund follows rumours in 2018 that Saudi Aramco was mulling the creation of a separate $1bn vehicle.
The unit’s existing portfolio companies include thermoplastic composite pipe equipment provider Airborne Oil and Gas, nano-engineered materials manufacturer NanoMech and chemical analysis device producer 908 Devices.
