Saudi Aramco to create $1.5 billion sustainable development fund
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Saudi Aramco has announced a $1.5 billion sustainable development fund that will be used to invest in technologies that “can support a sustainable and inclusive energy transition,” according to a statement. press release on the company’s website.
The fund will be managed by Aramco Ventures, the venture capital arm of Saudi Aramco. Investments will be directed, in particular, to the development of new low-carbon fuels. “Priority areas (for investment) will include carbon storage, greenhouse gas emissions, energy efficiency, green climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels,” the company listed.
In the first half of 2022, Saudi Aramco’s profit increased to a record $87.9 billion. The company also announced the payment of dividends in the third quarter – their volume will be $18.8 billion. In September, Saudi Arabia doubled oil supplies to Europe to 950 thousand barrels compared to 490 thousand last year.
On the situation on the oil market – in the publication “Kommersant FM” “Risks have been outlined for quotes”.
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