Aramco, The Saudi Arabian Oil Company, has finalized the acquisition of the Valvoline global products business for $2.65 billion.

Aramco will now own the Valvoline brand with respect to its products business, and Valvoline Inc. will own the Valvoline brand with respect to its retail services business. Aramco and Valvoline Inc. plan to work together to continue to grow the Valvoline brand equity globally.

The oil giant has signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT), to be established by Geely Holding, Geely Automobile Holdings Limited, and Renault Group. The new company will be dedicated to internal combustion and hybrid powertrain technologies.

“This letter of intent represents a new milestone in our ongoing commitment to transportation technologies and presents a platform to support Aramco’s research and development in engine innovation. Our planned collaboration with Geely and Renault would support the development of powertrains across the automotive industry and aligns with our broader efforts across our global operations,” Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream, said.

Aramco’s investment would support the growth of the company and contribute to key research and development across synthetic fuel solutions and next-gen hydrogen technologies. It is expected that Geely and Renault Group retain equal equity stakes in the new independent entity.