Aramco Weighing Up to  $5b in Renewable Deals
Aramco Weighing Up to  $5b in Renewable Deals

Aramco Weighing Up to $5b in Renewable Deals

Aramco Weighing Up to $5b in Renewable Deals

Saudi Aramco, the world’s largest oil company, is considering as much as $5 billion 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 Holdings Plc, JPMorgan Chase & Co. and Credit Suisse Group AG 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, Bloomberg reported. 
The energy company wants to bring foreign expertise in renewable energy into the kingdom, the people said, adding that the first investments under the plan could occur this year.
Saudi Arabia wants to produce 10 gigawatts of power from renewable energy sources including solar, wind and nuclear by 2023 and transform Aramco into a diversified energy company. 
The kingdom also plans to develop a renewable energy research and manufacturing industry as part of an economic transformation plan announced by Deputy Crown Prince Mohammed bin Salman in April.
Saudi Aramco and HSBC declined to comment while JPMorgan and Credit Suisse did not immediately return calls for comment.

Short URL : https://goo.gl/MqRaAs
  1. https://goo.gl/c0D2Zb
  • https://goo.gl/mMvVND
  • https://goo.gl/4HCsWF
  • https://goo.gl/wtUZdM
  • https://goo.gl/upPK7a

You can also read ...

Venezuelan Refineries in Danger of Seizure
In 2007, following Venezuela’s expropriation of billions of...
China Tariffs to Darken Prospects of US LNG
This winter could be a bleak one for America’s natural gas...
Chevron to Develop Iraqi Oilfields
Iraq’s state-run Basra Oil Company and Chevron, an American...
Caspian Convention Can Help Boost Iran Oil, Gas Exports
The Convention on the Legal Status of the Caspian Sea will...
Spanish Esproenko to Continue Iran Business
Esproenko International, which specializes in oil and gas...
NIGC Export Capacity at 75 mcm Per Day
The National Iranian Gas Company’s capacity to export natural...
OPEC Should Remain Independent, Apolitical
Some members of the Organization of Petroleum Exporting...
Higher Electricity Tariffs Should Moderate Usage
Imposing higher tariffs on those who exceed fair consumption...

Add new comment

Read our comment policy before posting your viewpoints