Saudi Aramco, world's largest oil company bets on the enduring power of petrol

Saudi Aramco, the world's largest oil company, is confident in the enduring relevance of petrol-powered internal combustion engines (ICE) despite the rise of electric vehicles. The company recently invested in Horse Powertrain, a company specializing in fuel-based engines, alongside Geely and Renault. Saudi Aramco believes that ICE vehicles will remain prevalent even beyond 2040, with more than half of cars still using some form of fuel. Horse aims to supply engines to carmakers as the industry shifts away from developing its own engines. The joint venture, capable of producing millions of units annually, sees a market for ICE vehicles in regions like Europe where demand persists. Saudi Aramco is also expanding its network of filling stations and investing in research for low-carbon and synthetic fuels. The success of this venture will depend on carmakers' willingness to adopt engines from a company formed by their competitors. Despite the push towards electric vehicles, Saudi Aramco and its partners are banking on the continued demand for petrol engines and are positioning themselves to capitalize on this market.