Jan 17 Reuters Saudi Aramco said on Wednesday it has boosted its Aramco Ventures unit by 4 billion, more than doubling the oil giant39;s overall venture capital funding.

The additional funding, 4 billion over four years, boosts Aramco Ventures39; capital to 7 billion. Aramco also has a 500 million venture capital fund Wa39;ed Ventures, which invests in Saudi startups.

Aramco Ventures managed three funds before the capital increase the 500 million DigitalIndustrial Fund, the 1 billion Prosperity7 Fund and the 1.5 billion Sustainability Fund.

The decision reflects the growing significance of Aramcos venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative startups, Aramco said in its statement.

Such venture capital investments aim to progress Aramco39;s longterm strategy through focusing on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies, it added.

Reporting by Shamsuddin Mohd in Bengaluru; Writing by Yousef Saba in Dubai, Editing by Louise Heavens

Source Reuters