CNPC’s Venture KLD and PIF-backed eWTP Arabia Capital tie up
RIYADH, November 28, 2022
Kunlun Digital Technology Co, backed by the China National Petroleum Corporation, and eWTP Arabia Capital, a venture fund backed by marquee investors including Saudi Arabia’s PIF, have signed a memorandum on cooperation (MoC).
The two entities aim to accelerate the digitalisation process of petroleum, gas, and energy organisations in the Mena region. The first digital transformation project that the venture will undertake is in Saudi Arabia.
Fuelled by Kunlun Digital and eWTPA’s industrial expertise and strong regional experience, the joint venture is expected to make revenues of $2 billion in just the next 8 to 10 years. According to the terms of the MoC, the joint venture will utilise both Kunlun Digital's technological capabilities and eWTPA’s resource network in the Mena region to import and localise cutting-edge technical solutions. The global sourcing of local solutions will accelerate the technological transformation within Saudi Arabia's energy industry and also enable efficiencies in the production process in oilfields.
Managing Partner of eWTPA, Jerry Li, said: "This project once again cements our role in bridging Chinese technologies with local demands and demonstrates our strong confidence in KSA. We would love to work with more Chinese companies like Kunlun Digital, to empower energy sector and enable digital transformation in the kingdom and the region."
Kunlun Digital is an IT solution provider with more than 20 years of experience in the global petroleum and gas industry. eWTPA is a growth-stage venture fund.-- TradeArabia News Service