Aramco looks at re­new­ables

The Star Early Edition - - BUSINESS REPORT -

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

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