Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Trump prepares to unveil sweeping new US tariffs on 'Liberation Day'    At least 22 civilians killed in Israeli strike on UNRWA clinic in Gaza    UK says it won't jump into US trade war as Starmer urges calm response to tariffs    Russia, Ukraine trade fresh accusations of violating US-brokered energy ceasefire deal    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco to pay up to $120m a year for European startups
Published in The Saudi Gazette on 09 - 08 - 2012

JEDDAH/OSLO – Saudi Arabian Oil Co. (Saudi Aramco) will invest as much as $120 million a year in European startup companies through a Norwegian venture capital firm to strengthen its technological know-how.
Saudi Aramco signed a deal with Oslo-based Energy Capital Management (ECM), which previously managed investments for Statoil ASA, Norway's largest oil and gas producer, it said in a statement. Investments will focus on technology companies specializing in so-called unconventional and tight gas production, as well as drilling and seismic technologies, Arne Froeiland, an ECM partner, said Wednesday.
“We are seeking to make three or four investments a year,” he said, adding each may reach $30 million. “There are few dedicated sector funds when it comes to startups, venture and growth companies in oil and gas. Those who invest in our sector have had good returns over time but the number of players is limited.”
Saudi Aramco last month set up a venture capital branch, Saudi Aramco Energy Ventures LLC, to gain access to drilling and production technologies and boost recovery from current fields. Aramco also plans to tap unconventional resources, Amin Nasser, senior vice president for upstream operations, said in April.
ECM, with offices in Oslo, and Aberdeen, Scotland, will be Aramco's exclusive VC manager in Europe. The Saudi company plans to set up teams in North America, it said in a statement last month.
Aramco's venture branch would have offices in Aberdeen, Houston and Boston, it was reported earlier.
Aramco's European partner will seek investments “between startup and early growth,” Froeiland said. They will be from $1 million to $30 million each for a minority stake and in most cases board seats or observer rights, SAEV said on its website.
While Aramco said it would look to invest in the upstream and downstream oil and gas sectors, as well as renewable energy, energy efficiency and water technology, ECM will focus upstream, Froeiland said. The acquisitions will probably include imaging technologies, well and drilling technologies, and systems for tight and unconventional gas production, such as shale gas.
Saudi Aramco's press office didn't immediately respond to an e-mail seeking comment. ECM managed Statoil's 26 venture investments from 2008 until June this year, Froeiland said.
While he wouldn't comment on the results in managing the investments, Froeiland said the firm's four partners had a track record of returns reaching about three times invested capital. – Agencies


Clic here to read the story from its source.