EnergyWatch

Saudi Aramco said to weigh up to USD 5 billion of renewable deals

The world's largest oil company, Saudi Aramco, is weighing major investments in renewable energy as it forms plans to diversify from crude production, according to sources with knowledge about the matter.

Photo: /ritzau/Jacob Ehrbahn

Saudi Aramco, the world's largest oil company, is considering as much as USD 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. The energy company is seeking to bring foreign expertise in renewable energy into the kingdom, the people said, adding that first investments under the plan could occur this year.

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