The rest of the 100 (in alphabetical order): Majid Mufti, Saudi Aramco Energy Ventures

Five years after his last appearance in the Powerlist, Majid Mufti returned to venturing last summer as head of oil company Saudi Aramco’s corporate venturing program following a period of working internally.

In 2012’s Powerlist, Mufti was chief investment officer of Saudi Aramco Energy Ventures (SAEV)  – a position currently held by Bruce Niven, a GCV Rising Star 2017. Now as CEO, Mufti said: “We were one of the more active CVCs in energy last year with eight new deals added to our portfolio.”

These deals included SAEV investing $2.2m in Norway-based Cannseal and €10m ($11m) in Airborne Oil & Gas’s €23m series C round.

Other portfolio companies include Siluria, which produces the bulk petrochemical ethylene, Novomer, which uses CO2 and CO to make petrochemicals, 908 Devices, producer of a handheld mass spectrometer, ConXtech, which enables steel structures to be built in a fifth of the regular time, Zilift, a maker of downhole pumps that do not require a rig, and InflowControl, which makes autonomous downhole valves that prevent water entering oil wells.

Mufti added: “We also had our first partial exit with the corporate organisation buying a key business from one of our portfolio companies. We are investing in relevant deals that matter a deal to the corporate organisation. SAEV was also compensated at fair market value, giving us a great return as a separate organisation.”

This is helpful, given Saudi Aramco is preparing for a 5% flotation late next year.

Before the launch of SAEV, Mufti was based in Hong Kong as a joint venture manager handling Aramco’s downstream investments in China. He started his career as a physical products trader in Asia and a process engineer at a Shell joint-venture refinery. Mufti has a chemical engineering degree from Northeastern University and a master’s degree in finance from NYU Stern.