SAUDI ARAMCO has launched an investment arm to buy into companies that have developed technologies of strategic importance to Saudi Arabia and speed their deployment in the kingdom, the state-run energy group says.

Saudi Aramco Energy Ventures (SAEV) plans to invest in start-up and high-growth ventures, offering new technologies to the upstream and downstream oil and gas sectors, renewables, energy efficiency and water supply, the company says.

“As we continue to address long-term energy challenges, SAEV will help us more effectively engage with the global community of innovators and entrepreneurs,” says Khalid Al Falih, chief executive of Aramco.

The world’s largest oil producer, which has been pumping close to a billion dollars worth of crude a day at times this year, gave no detail of the funds available to its investment arm. Individual investments were expected to range from $1 million to $30 million per company, SAEV says, depending on the stage of development, size of opportunity, strategic relevance to Saudi Aramco and capital intensity.