Aramco to buy minority stake in Renault-Geely's powertrain engine company

Aramco to buy minority stake in Renault-Geely's powertrain engine company

FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Oil giant Saudi Aramco has agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China’s Geely Automobile Holdings Ltd plan to set up jointly, they said on Thursday.