Sabic VC Firm To Fund Innovative Tech

Riyadh-based petrochemicals makerSaudi Basic Industries Corp.(Sabic) has formed a venture capital unitSabic Venturesto grow beyond the petrochemicals business,Reutersreports. Based in the Netherlands, the new firm will put its money in technologies and new business in the U.S., Europe and Asia.

It will make investments in advanced materials and composites, alternative feedstocks for chemicals and materials as well as alternative energy and clean technology. The firm will be financed through an innovation fund managed by Sabic.

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