Aramco looks at renewables

SAUDI Aramco, the world’s largest oil company, is considering as much as $5 billion (R67.15bn) of investments in renewable energy firms as part of plans to diversify from crude production, according to people with knowledge of the matter. Banks including HSBC, JPMorgan Chase and Credit Suisse have been invited to pitch for a role helping Aramco identify potential acquisition targets and advising on deals, the people said, asking not to be identified as the information is private. The energy company is seeking to bring foreign expertise in renewable energy into the kingdom, the people said, adding that first investments under the plan could occur this year. – Bloomberg