News

Very pleased to be working with various energy technology providers in the Middle East markets and privileged to be supporting Odfjell Technology following the recent acquisition of McGarian TDC, with Stuart Florance, Paul Toner and Bruce McGarian. Odfjell Technology is an integrated supplier of offshore operations, well services technology and engineering solutions. This acquisition will further enhance the product line offering of its Well Services Business Area, enhancing its capabilities in the slot recovery and plug and abandonment sectors of the energy industry.

Earlier this year, Aramco announced it has allocated a further US$4 billion to its global venture capital arm, Aramco Ventures. It will more than double the capital allotted, increasing its total investment allocation from US$3 billion to US$7 billion. This will take Aramco’s overall venture capital allocation to $7.5bn, which also includes the $500 million venture capital fund Wa’ed Ventures that focuses on the start-up ecosystem in the Kingdom of Saudi Arabia.

Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, said: “Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition. Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life. By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level. This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s own long-term objectives.”

The investment includes a special US$1.5bn fund to drive technology innovation to reduce Aramco’s carbon footprint and drive energy efficiency. This initiative underscores Aramco’s dedication to diversifying its portfolio and supporting startups worldwide, aligning with its long-term objectives in new energies, chemicals, and digital technologies.

HFI has recently updated the summer editions of its Saudi Arabia Ventures Initiative (SAVI) eGuidebook to support clients to navigate the Saudi energy market and this will be launched later this week. Copies of the SAVI eGuidebook are available from HFI's Client Relations Manager, Sally Reeves.