Oil & Gas

Aramco is expanding its investment focus to include new energy sources and technologies beyond Saudi Arabia. The company has doubled its venture capital fund to $7 billion, aiming to support innovative startups and disruptive technologies. While Aramco remains committed to oil and gas, it acknowledges the importance of diversifying its portfolio for the future.

Saudi Aramco's CEO, Amin Nasser, stated that the company is exploring potential investments in new energy ventures outside Saudi Arabia. This announcement was made during the World Economic Forum's Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh. In addition to investments in refining and petrochemicals, particularly in China, Aramco is looking to collaborate with partners outside the Kingdom to develop new technologies and energy sources.

Earlier this year, Saudi Aramco significantly increased funding to its venture capital arm, boosting its total investment in Aramco Ventures from $3 billion to $7 billion. This decision underscores the importance of Aramco's venture capital program in fostering new technologies and diversification opportunities. The program aligns with Aramco's long-term strategy, focusing on new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies.

Despite its expansion into new energy sectors, Aramco maintains its belief in the continued need for oil and gas. The company is committed to its goal of being the last major oil producer in the world. Aramco's CEO emphasizes that the focus should be on reducing emissions rather than on decreasing oil and gas production.