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OSP Signs MoU with Hyundai Motor Company to Advance Technological Innovation in Sustainable Mobility

The signing of an MoU between the Oil Sustainability Program (OSP) and Hyundai Motor Company (SPA)
The signing of an MoU between the Oil Sustainability Program (OSP) and Hyundai Motor Company (SPA)
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OSP Signs MoU with Hyundai Motor Company to Advance Technological Innovation in Sustainable Mobility

The signing of an MoU between the Oil Sustainability Program (OSP) and Hyundai Motor Company (SPA)
The signing of an MoU between the Oil Sustainability Program (OSP) and Hyundai Motor Company (SPA)

OSP (Oil Sustainability Program) signed a Memorandum of Understanding (MoU) with Hyundai Motor Company in Seoul, South Korea, marking a significant step towards strengthening innovation in the transportation sector and promoting the adoption of advanced, environmentally friendly technological mobility solutions. 

The MoU outlines the development of advanced automotive technologies, including enhancements to hybrid powertrain systems, internal combustion engine (ICE) technologies, and emission aftertreatment systems (EAS), with the aim of improving fuel efficiency and reducing emissions. The MoU also includes supporting innovations that enable the building of a sustainable mobility ecosystem that contributes to quality of life. 

The collaboration supports the Kingdom of Saudi Arabia’s broader environmental vision through the deployment of advanced technologies and innovations in the transportation sector, while advocating for effective practices across different mobility solutions to help reach net zero ambitions. It also reflects the shared commitment of both countries to push boundaries of innovation and advance more efficient and sustainable mobility solutions. 

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China Slaps Anti-dumping Duties on Plastics from US, EU, Japan, Taiwan

Motorists commute on a road in the Sanlitun business district in Beijing on May 14, 2025. (AFP)
Motorists commute on a road in the Sanlitun business district in Beijing on May 14, 2025. (AFP)
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China Slaps Anti-dumping Duties on Plastics from US, EU, Japan, Taiwan

Motorists commute on a road in the Sanlitun business district in Beijing on May 14, 2025. (AFP)
Motorists commute on a road in the Sanlitun business district in Beijing on May 14, 2025. (AFP)

China on Sunday announced anti-dumping duties as high as 74.9% on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan.

The commerce ministry's findings conclude a probe launched in May 2024, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports.

POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said.

In January the ministry said initial investigations had determined that dumping was taking place, and implemented preliminary anti-dumping measures in the form of a deposit starting from January 24.

According to Sunday's announcement, the highest anti-dumping rates of 74.9% were levied on imports from the United States, while European shipments will face 34.5% duties.

China slapped 35.5% duties on Japanese imports, except for Asahi Kasei Corp, which received a company-specific rate of 24.5%.

General duties of 32.6% were placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%.

Hopes have risen that the US-China trade war is easing after the two sides said on Monday they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended.

The Asia-Pacific Economic Cooperation group of nations warned of "fundamental challenges" facing the global trading system in a communique on Friday after a meeting in South Korea.