Aramco and HORSE, from crude to internal combustion engine is a short step. Aramco has purchased 10 percent equity interest in HORSE Powertrain Limited. Why the oil state company of Saudi Arabia invest in technology that so many see as obsolete, some even point to as public enemy.
Why did the paths of Aramco and HORSE Powertrain cross?
Ahmad O. Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, explains: “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 help reduce transport greenhouse gas emissions while meeting the needs of both vehicle manufacturers and motorists. In securing long-term partnership between Valvoline Global 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.” ‘Creating value’, words that gain specific weight when referring to the world’s largest oil company, with $500bn in revenues in 2023.
