Aramco to Pay Up to $120 Million a Year for European Startups
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Saudi Arabian Oil Co., the world’s largest crude exporter, 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, as the state-owned company is known, signed a deal with Oslo-based Energy Capital Management, 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 yesterday.