Aramco to Develop New Energy Vehicle Technologies With China’s BYD | OilPrice.com
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Breaking News:
Saudi Aramco and the top Chinese electric vehicle manufacturer, BYD, will explore closer collaboration in the development of new energy vehicle technologies, Saudi Arabia’s state oil giant said on Monday.
Aramco’s wholly-owned subsidiary, Saudi Aramco Technologies Company (SATC), and BYD have signed a joint development agreement to explore innovative EV technologies that boost efficiency and the environmental profile of new energy vehicles.
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“Aramco is exploring a number of ways to potentially optimize transport efficiency, from innovative lower-carbon fuels to advanced powertrain concepts,” said Ali A. Al-Meshari, Aramco Senior Vice President of Technology Oversight & Coordination.
BYD’s Senior Vice President Luo Hongbin commented on the deal, “We expect that SATC and our cutting-edge R&D capabilities in new energy vehicles will break the boundaries of geography and mindset to incubate solutions that combine highly-efficient performance with a lower carbon footprint.”
The collaboration deal with China’s top EV maker is Aramco’s latest agreement with a Chinese company.
In recent years, the Saudi state oil giant has signed a series of deals with Chinese refiners and petrochemicals producers to supply crude oil to their refineries or take minority stakes in refining and petrochemicals complexes.
Earlier this month, Aramco and China’s top refiner, Sinopec, agreed to expand a joint venture petrochemicals complex in Saudi Arabia. The companies have signed a so-called Venture Framework Agreement (VFA), which will to pave the way for a major petrochemical expansion at Yasref.
In recent years, the Saudi oil giant has been pursuing deals to expand its international downstream presence, especially in demand centers such as Asia. Aramco has signed agreements with China’s Rongsheng Petrochemical and Hengli Group to advance talks on cooperation in the refining and petrochemical sectors in China and Saudi Arabia.
Now, Aramco is expanding the energy cooperation with China with a collaboration agreement to develop new energy vehicle technologies.
By Charles Kennedy for Oilprice.com
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