Aramco to acquire a 10% stake in HORSE Powertrain from Renault Group and Geely for €740m.

Aramco, an integrated energy and chemicals company, agreed to acquire a 10% stake in HORSE Powertrain, a joint venture holding aimed at producing powertrains, from Renault Group and Geely, two automobile manufacturers, for €740m. “Aramco’s investment is expected to directly contribute to the development and deployment of affordable, efficient, and lower-carbon emission internal combustion engines globally. With Geely and Renault, we plan to leverage our collective expertise and resources to support ground-breaking advances in both engine and fuel technologies. With a strong emphasis on innovation, our goal is to provide solutions that can reduce transport emissions while meeting the needs of both vehicle manufacturers and motorists. In securing long-term partnership between Valvoline and HORSE Powertrain Limited, Renault Group, and Geely in connection with this investment, we are also demonstrating Aramco’s ability to both create and capture value at the global level,” Ahmad O. Khowaiter, Aramco Executive Vice President of Technology & Innovation.