Saudi Aramco has no plans to increase its 10% stake in HORSE Powertrain: Exec

03/09/2024 Argaam
Logo ofSaudi Arabian Oil Co. (Saudi Aramco)

Logo of Saudi Arabian Oil Co. (Saudi Aramco)

Saudi Aramco has no plans to increase its 10% stake in HORSE Powertrain, a joint venture for fuel-based engines, said Executive Vice President of Products & Customers Yasser Mufti.

 

“The 10% stake hits all of the boxes that we have for our financial and strategic objectives for this company,” he told Reuters.

 

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He added that the company continues pursuing more deals to expand its downstream presence.

 

Moreover, Aramco is working on more merger and acquisition (M&A) deals, Mufti noted, indicating there are many acquisition opportunities across the liquefied natural gas (LNG) sector, which it plans to exploit.

 

According to data available with Argaam, Aramco, through a wholly owned subsidiary, signed definitive agreements to acquire a 10% equity interest in HORSE Powertrain, alongside Renault Group, Zhejiang Geely Holding Group and Geely Automobile Holdings.

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