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Saudi Aramco inks pact with Rusnano for Stake in Novomet

Gasoil News - Published on Fri, 18 Oct 2019

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Saudi Aramco has agreed to buy Rusnano’s 30.76% stake in Russian service provider Novomet in a deal that is expected to take place at the start of 2020, once it has passed the necessary regulatory approvals. The deal was agreed at the Saudi-Russian CEO Forum in Riyadh and was overseen by Russian President Vladimir Putin and King Salman Bin Abdulaziz Al Saud of Saudi Arabia. The confirmation agreement was signed by Saudi Aramco, the Public Investment Fund of Saudi Arabia, the Russian Direct Investment Fund and Rusnano. Saudi Aramco has also entered into nine MoU agreements with other Russian companies as part of its upstream strategy. These include a technical knowledge for oil applications agreement with Gazprom Neft and to develop a manufacturing facility for downhole drilling motors and drilling tools with Integra.

Mr Armin Nasser CEO of Saudi Aramco 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 Fri, 18 Oct 2019
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