Walaa Insurance Company Provides Protection to Aramco's Assets
The insurance company Walaa Cooperative Insurance Co provides protection to Aramco.
Walaa signed an agreement with Aramco for the contract value to exceed five percent of the company's written gross premium for 2021.
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| Walaa Insurance Company Provides Protection to Aramco's Assets |
The new agreement aims to provide insurance coverage for Aramco's energy, property, motor, marine and other aspects, according to an exchange statement.
Reported by ArabNews, Sunday (3/4/2022), insurance coverage will take effect on April 1, 2022.
Saudi Aramco and Hyundai Motor Group, meanwhile, are collaborating with King Abdullah University of Science and Technology to develop advanced fuels for hybrid electric vehicles.
The partnership, which is expected to last two years, aims to develop optimal fuel formulations with new combustion systems in electric hybrid vehicles.
With this initiative, the company will reduce the overall CO2 emissions of vehicles.
Where, will apply the Hyundai Motor Group's ultra-lean combustion combustion design in a modern hybrid vehicle.
The tests will be conducted by researchers at the Clean Combustion Research Center at KAUST.
“The Aramco team provided fuel design and incorporated Hyundai Motor Group's engine combustion performance knowledge,” said Ahmad O. Al-Khowaiter, chief technology officer of Aramco.
"The results will be able to lead to the application of synthetic electronic fuels," he added.
Professor Donald Bradley, Vice President for KAUST research said:
"Building more efficient transportation systems and reducing pollution are important contributions to a circular carbon economy approach to tackling climate change."