Saudi Aramco to Invest in European Early Stage Innovators

Saudi Arabian Oil Co., will seek to boost its technology expertise by investing in European startup companies.

Saudi Aramco Energy Ventures LLC, ("SAEV") the venture capital arm of he state-owned company will invest as much as $120 million a year through based Energy Capital Management, a venture capital firm specialized in the oil & gas sector.

Investments will focus on technology companies specializing in unconventional and tight gas production, as well as in drilling and seismic technologies to boost recovery from current fields.

SAEV was established this past July to support the development of new technologies and thus back Saudi Arabia's economic progress as the technologies will be used in new commercial opportunities, for cost reduction and for performance improvement.