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Saudi Arabia & Russia Sign Agreement to Enable Future Investments

Gasoil News - Published on Wed, 16 Oct 2019

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Saudi Aramco President & CEO Mr Amin H Nasser attended the Saudi-Russian CEO Forum hosted in Riyadh as part of the state visit of the Russian President Vladimir Putin. At the Forum, Nasser noted the growing importance of Saudi Aramco’s evolving strategic relationship with Russian companies. After the CEO Forum, Saudi Arabia’s King Salman Bin Abdulaziz Al Saud and Russia's President Vladimir Putin alongside HRH the Crown Prince Mohammed bin Salman bin Abdulaziz, oversaw the signing of a confirmation agreement between Saudi Aramco, the Public Investment Fund of Saudi Arabia, the Russian Direct Investment Fund and Rusnano to enter into a Share Purchase Agreement to acquire Rusnano’s 30.76% share in Novomet, a leading Russian service provider and manufacturer of high-tech electrical submersible pumps. The deal is expected to close early next year, subject to regulatory approvals and closing conditions.

Mr Nasser said that “Today‘s agreement is expected to enable future investments in both Saudi Arabia and Russia that come under the framework of the Saudi-Russian Energy Co-investment Platform through Saudi Aramco, PIF and RDIF, targeting to promote investments in the energy sector in both Saudi Arabia and Russia. We look forward to expanding our mutual interests in the energy sector through this important co-investment platform with Russian companies.“

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Posted By : Rabi Wangkhem on Wed, 16 Oct 2019
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