Saudi Aramco, one of the world’s largest oil producers and among the world’s top three largest companies, could work with France’s Renault and China’s Geely to continue developing petrol and diesel engines and hybrid technology, according to a foreign report.

Aramco is reportedly on the verge of taking a 20 percent stake in a joint venture with the two automakers, which would each hold 40 percent of the deal, the company said Reuters news agency.

now Reuters reports on advanced negotiations with Aramco, which plans to acquire a stake in a previously announced but unnamed technology company from Geely-Renault.

Renault confirmed details of the company in November 2022, although Aramco was not mentioned.

“New partnership aims to become the market leader in next-generation hybrid and high-efficiency powertrain solutions to meet global demand in the years to come,” Renault said in a media statement.

“The new company will operate 17 powertrain plants on three continents and employ a total of around 19,000 people. It will have a total capacity of over five million internal combustion engines (gasoline and diesel), hybrid and plug-in hybrid engines and transmissions per year, supplying over 130 countries and regions.

“At launch, the new company is expected to serve multiple industrial customers including Renault, Dacia, Geely Auto, Volvo Cars, Lynk & Co, Proton, as well as Nissan and Mitsubishi Motors Company.

“The combined product portfolio and regional footprint of the new company could provide solutions for 80 percent of the global ICE (Internal Combustion Engine) market.”

Reuters said Renault and Geely declined to comment on his story and that Aramco did not respond to a request for comment.

But it said the joint venture, apparently codenamed Renault’s “Horse” and Geely’s “Rubik,” would invest Aramco in developing decarbonization technologies for gasoline and diesel engines and contribute to research into synthetic e-fuels and next-generation hydrogen technology Generation.