Saudi Aramco has formally closed the acquisition of a 50% interest in one of the world’s largest clean energy companies as part of its drive for further diversification. The acquisition, first announced in July last year, makes Aramco a leading participant in the international clean energy industry and is part of the Kingdom’s Vision 2030 initiative towards a sustainable future.
The collaboration will be on renewable energy ventures, such as solar and wind power, to reduce carbon emissions while catering to increasing global energy needs. The action is in accordance with the increasing efforts of Aramco in incorporating cleaner technology into its portfolio.
The move, according to industry analysts, is a key action towards balancing revenues from conventional oil and gas production with investments in alternative energy to increase Aramco’s long-term resilience in the quickly changing energy sector.
