The Saudi Arabian Oil Group announced on Thursday it has signed a letter of intent expressing its interest in becoming a minority stakeholder in a new powertrain technology company (PWT) Zhejiang Geely Holding Group Co., Ltd and Renault Group are seeking to establish.
According to the company's written statement, Aramco's investment would contribute to supporting the company's growth and researching and developing alternative fuel sources and innovative hydrogen technologies.
"This letter of intent represents a new milestone in our ongoing commitment to transportation technologies and presents a platform to support Aramco’s research and development in engine innovation," Aramco Executive Vice President of Downstream Mohammed Y. Al Qahtani stated.
