Riyadh – Mubasher: Saudi Aramco Energy Venture (SAEV), a subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), is reportedly preparing to launch a new fund after raising $500 million, according to Bloomberg.

The new fund’s value will amount to $500 million, SAEV’s CEO Majid Mufti revealed.

The top official said that the venture capital firm opened an office in Beijing.

Saudi Aramco Energy Venture invests in upstream and downstream oil and gas, petrochemicals, renewables, energy efficiency and water sectors.