Dhahran/Houston – (January 30, 2013) – Saudi Aramco Energy Ventures LLC (“SAEV”), the corporate venturing subsidiary of Saudi Aramco, announced the launch of its U.S. operations. Aramco Energy Ventures LLC, headquartered in Houston, will support SAEV in its corporate venturing activities in North America.
SAEV seeks to invest in emerging technology companies in upstream and downstream oil and gas, renewable energy, energy efficiency and water sectors, whose technologies have potential for application in Saudi Aramco’s operations or more broadly in the Kingdom of Saudi Arabia. The initiative is designed to enhance Saudi Aramco’s technological leadership, helping to more effectively engage with the community of start-up venture companies, which are becoming an increasingly important source of new technology to the energy industry.
SAEV is in the process of developing a global footprint to engage with start-up technology companies worldwide. Following its launch in 2012, SAEV engaged a U.K. and Norway based partner firm to support its upstream oil and gas venturing activities in Europe. During 2013 the company plans to expand its presence further in North America and Europe as well as opening satellite offices in established and emerging technology hubs in Asia.
SAEV CEO Ibrahim Buainain stated “We are delighted to have established a presence in the U.S. The importance of the U.S. venture community cannot be overstated and we see great potential for SAEV to work with start-ups throughout North America to support the development of new technologies and help them to access large and growing energy related markets in Saudi Arabia and beyond.”
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, a world leader in exploration and producing, refining, distribution, shipping and marketing. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high-growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV, please visit www.aramcoventures.com