#Saudi Aramco Near Deal to Join Renault-Geely Car Venture - Bloomberg

Saudi Aramco Near Deal to Join Renault-Geely Car Venture - Bloomberg

Saudi Aramco is nearing a deal to acquire a stake in Renault SA and Zhejiang Geely Holding Group Co.’s planned combustion-engine venture to grow its footprint in transport, according to people familiar with the situation.

The world’s biggest oil company will take a minority stake, with Renault and China’s Geely planning to remain at parity, said the people, who asked not to be named as the negotiations are private. While a non-binding agreement could be announced as soon as this week, there’s no certainty it will be finalized, the people said.

Representatives for Saudi Aramco, Renault and Geely declined to comment.

The deal would help state-controlled Saudi Aramco grow in an industry shifting to battery power. While sales of fully electric vehicles are taking off, combustion-engine and plug-in hybrid autos will be in demand for years to come, especially in developing countries. The oil major is already working to develop technology that can reduce motor emissions and improve fuel efficiency.