Aramco and Mazda to develop more efficient engines

Mazda and Saudi Aramco have teamed up to produce more efficient egnines. (Reuters)
Updated 08 August 2018
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Aramco and Mazda to develop more efficient engines

  • Pair aim to reduce CO2 emissions
  • Aim to complete work by end of fiscal year 2020

LONDON: Saudi Aramco has teamed up with Mazda to develop more efficient engines as they seek to reduce their environmental impact.

The pair will work with the National Institute of Advanced Industrial Science and Technology (AIST) to boost engine efficiency and reduce carbon dioxide emissions, Saudi Aramco said in a statement.

“This cooperative research with Mazda and AIST underscores our shared commitment to delivering advanced technology solutions that make a significant impact on real-world issues,” said Aramco Chief Technology Officer Ahmad Al-Khowaiter.

The internal combustion engine is facing increased competition from electric vehicles as automakers come under more pressure to reduce their environmental impact by making cars which burn less fuel and produce less harmful greenhouse gases.

National oil companies are also becoming part of that process as they seek to develop more efficient fuels.

Al-Khowaiter said that new engine technologies continue to prove that improving the internal combustion engine remains the most cost-effective and timely means to reduce greenhouse gas emissions from the transport sector, with the potential to yield “dramatic” results.

The partnership will see Aramco provide low carbon-content new fuels while Mazda will focus on building a high-efficiency advanced prototype engine.

Saudi Aramco has devoted years of intensive investment to co-developing fuels and engine research, as part of its global Transport Technology program.
Mazda’s advanced prototype engine is based on a Compression Ignition engine with ultra-lean burn combustion.


China opens up finance sector to more foreign investment

Updated 16 min 55 sec ago
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China opens up finance sector to more foreign investment

  • China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020
  • Beijing has long promised to further open up its economy to foreign business participation and investment

BEIJING: China lifted some restrictions on foreign investment in the financial sector Saturday, as the world’s second largest economy fights slowing growth at home and a damaging trade war with the US.
China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, a year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank Saturday.
Foreign investors will also be encouraged to set up wealth management firms, currency brokerages and pension management companies, the statement said.
Beijing has long promised to further open up its economy to foreign business participation and investment but has generally dragged its feet in implementing the moves — a major point of contention with Washington and Brussels.
Saturday’s announcement followed a Friday meeting chaired by economic czar Liu He where policymakers focused on tackling financial risk and financial contagion and pledged new steps to support growth, according to a state council statement.
Additional measures include scrapping entry barriers for foreign insurance companies like a requirement of 30 years of business operations and canceling a 25 percent equity cap on foreign ownership of insurance asset management firms.
Foreign owned credit rating agencies will also be allowed to evaluate a greater number of bond and debt types, the statement said.
US President Donald Trump has launched a damaging tariff war in an attempt to force Beijing to further open up its economy and limit what he calls its unfair trade practices.
The US and China have hit each other with punitive tariffs covering more than $360 billion in two-way trade.
Trump and Xi Jinping agreed to revive fractious trade negotiations when they met on the sidelines of the G20 summit in Japan on June 29 and top US and Chinese negotiators have held phone talks this month.