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Saudi Arabia, Lithuania Sign Agreement to Bolster Air Transport Cooperation

The agreement sets a regulatory framework for air transport operations between the two countries and aligns with the goals of Saudi Arabia's civil aviation sector strategy. (SPA)
The agreement sets a regulatory framework for air transport operations between the two countries and aligns with the goals of Saudi Arabia's civil aviation sector strategy. (SPA)
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Saudi Arabia, Lithuania Sign Agreement to Bolster Air Transport Cooperation

The agreement sets a regulatory framework for air transport operations between the two countries and aligns with the goals of Saudi Arabia's civil aviation sector strategy. (SPA)
The agreement sets a regulatory framework for air transport operations between the two countries and aligns with the goals of Saudi Arabia's civil aviation sector strategy. (SPA)

Saudi Arabia and Lithuania signed on Monday an agreement to enhance cooperation in air transport services.

The accord was formalized by General Authority of Civil Aviation (GACA) President Abdulaziz bin Abdullah Al-Duailej and Lithuanian Ambassador Extraordinary and Plenipotentiary to Saudi Arabia, the UAE, Kuwait, Bahrain, and Iraq Ramunas Davidonis during a ceremony at GACA's headquarters in Riyadh.

The agreement sets a regulatory framework for air transport operations between the two countries and aligns with the goals of Saudi Arabia's civil aviation sector strategy.

It aims to expand the operational network of national carriers, elevate the Kingdom's status as a global logistics hub, and increase its global air connectivity to 250 destinations.

The agreement also supports the Kingdom’s Vision 2030 by contributing to ambitious targets, including transporting 330 million passengers annually and establishing Saudi Arabia as a global logistics hub.

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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)

Aramco, one of the world's leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.

The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction's completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco's investment is based on Horse Powertrain's €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake, SPA reported.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: "Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing several potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world's leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward."
For his part, CEO of Horse Powertrain Matias Giannini said: "We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint."

CEO of Valvoline Global Operations Jamal Muashsher said that as a technical partner and supplier to Horse Powertrain, "we look forward to applying Valvoline Global's 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global's strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility."

Aramco's investment is expected to accelerate Horse Powertrain's efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.
Thanks to its technology leadership, global manufacturing, and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible, cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.