(Bloomberg) -- Saudi Aramco will allocate an additional $4 billion to its venture capital unit as the kingdom expands its global ambitions in an effort to diversify its oil-dependent economy. 

The extra funds will be injected over four years and will more than double Aramco Ventures’s capital from $3 billion to $7 billion, according to a statement. The bigger size will help with investments in new energies, chemicals and energy transition materials, and digital technologies, it said.

State-run Aramco is the world’s largest oil producer and one of the globe’s biggest companies by net income. The company’s vast resources are key to the kingdom’s plans to prepare the economy for a post-oil future. Aramco Ventures has invested in firms that operate in sectors ranging from carbon management to renewables and hydrogen, according to its website.          

“We intend to provide the financial backing required to take game-changing solutions to the next level,” Ahmad Al Khowaiter, Aramco’s executive vice president of technology & innovation, said in the statement. “This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s own long-term objectives.”

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