A Saudi Arabian oil company has plans to invest around $120million (£76.7million) a year in Europe.
Saudi Aramco, the world’s largest crude exporter, has signed an agreement with Norwegian Energy Capital Management (ECM) to invest in technology companies specialising in gas production and drilling technologies, reports claim.
Saudi Aramco set up a capital branch, Saudi Aramco Energy Ventures (SAEV), last month to gain access to drilling and production technologies.
Arne Froeiland, an ECM partner told a news outlet: “We are seeking to make three or four investments a year…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.”
ECM, with offices in Oslo and Aberdeen, will be Aramco’s exclusive venture capital manager in Europe.