World's biggest oil exporter Saudi Aramco has appointed Mahdi Aladel as the chief executive officer (CEO) of its venture capital and investments arm, according to a Bloomberg report.
Mahdi Aladel, who was previously the head of Aramco's base oils and lubricants division, will take over as CEO of Saudi Aramco Energy Ventures (SAEV), the report said.
Moneycontrol could not independently verify the report. But as per Aladel's LinkedIn profile says he assumed the position in August 2020.
Majid Mufti, who was the head of SAEV for four years, told Bloomberg that he is stepping down, and did not provide further details.
Aramco’s media office had not yet responded to a request for comment by Bloomberg.
SAEV, which aims to start a $500 million fund, typically invests in early-stage oil, gas, renewable and chemicals technologies.
Since 2012, the company has backed 45 technology companies, primarily in the US and Europe, Mufti said in January 2020.
"The program has been running since 2012, we started making our investments in 2013, and over the past seven years we have managed to deploy a fair bit of capital into investments across 40 different opportunities," Mufti said in an another interview this year.