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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq A-Awsat

Aramco Inks Pact with Renault, Geely for Engine Venture

Aramco Renault Geely Geely Automobile Holdings Ltd Renault SA Saudi Aramco China
Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

Saudi Aramco has agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly, they said on Thursday.

The new joint venture is aimed at developing more-efficient gasoline engines and hybrid systems.

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