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Saudi-British Business Council Launches Joint Ventures in Renewable Energy, Entertainment

Saudi-British Business Council Launches Joint Ventures in Renewable Energy, Entertainment
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Saudi-British Business Council Launches Joint Ventures in Renewable Energy, Entertainment

Saudi-British Business Council Launches Joint Ventures in Renewable Energy, Entertainment

The Saudi British Joint Business Council (SBJBC) said joint ventures in various sectors, including renewable energy and entertainment, are set to be launched later this year.

Saudi Co-Chair of the Council Sheikh Nasser al-Mutawa indicated that the British Department for International Trade confirmed its support for the Council and stated that British companies are ready to work in the Saudi market.

Speaking to Asharq Al-Awsat, Mutawa added business delegations with the participation of over 60 companies and officials from both countries have recently held meetings in London.

He pointed out that the talks included the integration of teams formed in line with the joint statement issued during the visit of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to Britain in March 2018.

The co-chair indicated that the meetings reviewed the results of the programs and events that took place over the past five years and agreed on the follow up mechanism.

The Saudi delegation made a presentation on developments in various Saudi sectors since the announcement of Vision 2030.

Mutawa explained that the British delegation made a briefing on Brexit and UK’s separation from the EU, and reviewed cooperation between the two countries in the projects of Vision 2030 and in light of the agreements signed between the two parties.

The latest meeting discussed the results of events organized by the Council, including the Renewable Energy Symposium held in Riyadh, the Entertainment Projects Symposium, which was also held in the Saudi capital, the Entertainment Projects Symposium held in London, and the projects and events to be adopted during the second half of 2019.

Through the partnership strategy adopted by the Business Council, the UK aims to support Saudi projects and its future programs in all stages and in various fields through the transfer of expertise, knowledge and technologies, according to Mutawa.

Trade exchange between the two countries has reached about $13 billion, noted Muatawa.

The chairman said the next decade would see joint investments worth $100 billion.

There are 6,000 British companies dealing with Saudi Arabia and 200 joint-stock firms worth £11.5 billion, amid expectations for an increase in joint investments and trade in 2019.

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Saudi Oil Giant Expands Investments Through Local, International Acquisitions

Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)
Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)
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Saudi Oil Giant Expands Investments Through Local, International Acquisitions

Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)
Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)

Saudi Aramco has made a series of local and international acquisitions to expand its business and fulfill its commitment to its partners to achieve its long-term strategy.
On Wednesday, the company announced its acquisition of an additional stake of 22.5% in Rabigh Refining and Petrochemical (Petro Rabigh), a refining and petrochemical complex located on Saudi Arabia’s west coast, in a $702 million (SAR 2.63 billion) transaction.
Aramco also signed a definitive agreement to purchase the shares, worth SAR 7 per share, from Tokyo-based Sumitomo Chemical. Both companies currently each own 37.5% of the shares in Petro Rabigh, which was listed on the Saudi Exchange in 2008.
In March, Aramco successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile. Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.

In September 2023, Aramco signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
This strategic partnership with MidOcean Energy marked Aramco’s first international investment in LNG.
Moreover, in May 2024, Aramco made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).
GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations. The acquisition, first announced in December 2023, represented Aramco’s first downstream retail investment in Pakistan and signaled the company’s growing retail presence in high-value markets.
In June this year, Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”).
HORSE Powertrain Limited was formed on May 31, 2024, by Renault Group and Geely and is incorporated and headquartered in London.
Commenting on the signing of the recent agreement with Petro Rabigh, Hussain Al-Qahtani, Aramco Senior Vice President of Fuels, said: “Aramco continues to identify opportunities to strengthen its downstream value chain, secure placement of its upstream crude oil with affiliated refineries, and convert more of its hydrocarbons into high-value materials.”
He continued: “By increasing our shareholding, we expect to achieve even closer integration with Petro Rabigh and facilitate its turnaround strategy. We look forward to building on our existing relationship with Petro Rabigh, in alignment with our strategic goals.”