Renault, Geely ink pact with Aramco for engine venture – Reuters
- Date: 02-Mar-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Renault, Geely ink pact with Aramco for engine venture – Reuters
March 2 (Reuters) - Oil giant Saudi Aramco (2222.SE) has agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA (RENA.PA) and China's Geely Automobile Holdings Ltd (0175.HK) plan to set up jointly, they said on Thursday.
Reuters reported in January that Aramco has been involved in advanced discussions to take a stake of up to 20% in a previously announced but still-unnamed Geely-Renault powertrain company that would develop and supply internal combustion engines (ICE) and hybrid technologies.
They said on Thursday Geely and Renault are expected to retain equal equity stakes in the new independent entity, but did not disclose how much each would own and how much Aramco would invest.
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