30 Jan '17, 10am

Reports: Oil giant Saudi Aramco considering $5bn of renewables investments

One of the world's largest oil companies, Saudi Aramco, is mulling plans to invest around $5bn in renewable energy firms in a bid to diversify its income streams beyond fossil fuels, reports have suggested. Bids have been invited from several banks including HSBC Holdings Plc, JPMorgan Chase & Co. and Credit Suisse Group to play an advisory role assisting the Saudi state-owned oil giant in identifying potential green acquisition deals, according to unnamed sources cited by news agency Bloomberg . Related articles Reports: Oil giant Saudi Aramco considering $5bn of renewables investments WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices Saudi Arabia to launch $30-50bn renewable energy programme Saudi Aramco and GE team up to install Saudi Arabia's first-ever wind turbine The oil company is said to be seeking to bring in foreign renewable energy e...

Full article: http://www.businessgreen.com/bg/news/3003516/reports-oil-...

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