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

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.

Oil prices rise on signs Iranian oil exports are falling further

Updated 16 October 2018

Oil prices rise on signs Iranian oil exports are falling further

SEOUL: Oil prices dipped on Tuesday amid expectations of an increase in US crude inventories, but signs of a fall in Iranian oil exports this month kept losses in check.
International benchmark Brent crude for December delivery had fallen 6 cents, or 0.07 percent, to $80.72 per barrel by 0654 GMT.
US West Texas Intermediate crude for November delivery was down 14 cents at $71.64 a barrel.
US crude stockpiles were forecast to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).
The API’s data is due at 4:30pm EDT on Tuesday, and the EIA report will be released at 10:30am EDT on Wednesday.
“Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers,” said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
“Brent prices are likely stay in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel,” Hwang added.
In the first two week of October, Iran exported 1.33 million barrels per day (bpd) of crude to countries including India, China and Turkey, according to Refinitiv Eikon data. That was down from 1.6 million bpd during the same period in September.
The October exports are a sharp drop from the 2.5 million bpd in April US before US President Donald Trump withdrew from a multilateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the data showed.
The sanctions will come into force on November 4. The US special envoy for Iran said on Monday that the US is still aiming to cut Iran’s oil sales to zero.
Meanwhile, OPEC Secretary General Mohammad Barkindo said on Tuesday that global spare oil capacity was shrinking, adding that producers and companies should increase their production capacities and invest more to meet current demand.
With the world’s only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Monday at a conference in New Delhi that the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market.