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Report: Saudi Aramco may establish $1B tech venture fund

Saudi Arabian Oil Co. is weighing a $1 billion venture capital fund that would invest in international technology firms that complement its operations, The Wall Street Journal reported, citing sources familiar with the proposal.

The report's sources said the new fund would buy into technologies that are not necessarily focused on energy but that benefit Aramco's business.

The state oil giant is also considering opening an office in Silicon Valley or elsewhere in the U.S. to make deals, the Journal's sources added.

Aramco's corporate ventures subsidiary, Saudi Aramco Energy Ventures, currently invests in technologies for upstream and downstream oil and gas production, petrochemicals, water, energy efficiency and renewable energy that have applications in the Saudi Arabian market, according to its website. It has invested in about 30 companies.