Saudi Aramco to double startup investment, CEO says, eyeing lower emissions

DAVOS, Switzerland -- Saudi Aramco, the world's largest comprehensive energy and chemical company, is more than doubling the size of investment funds for startups and new technology, seeking to diversify its business portfolio with an eye on a low-carbon emissions future.

CEO Amin Nasser told Nikkei Asia on the sidelines of the World Economic Forum's annual meeting on Wednesday that the company's board recently approved plans to allocate another $4 billion to the Aramco Ventures fund, bringing the overall size to $7.5 billion.