Qatar Investment Authority said to seek further $2bn deal with Russia

Arabian Business, 26.01.2017

Qatar’s sovereign wealth fund is reportedly planning to invest a further $2 billion in Russia following its landmark deal to buy a stake in Russia’s state-owned oil giant Rosneft earlier this month.

Russian president Vladimir Putin said on Wednesday that QIA would be involved in new oil extraction projects in the country, but did not divulge further details, reported the Financial Times.

QIA this month purchased a 19.5 percent stake in Rosneft, in a deal with commodities trader Glencore.

Rosneft CEO Igor Sechin described the privatisation deal as the largest in Russia’s history when it was announced on January 4.

According to the FT, QIA CEO Abullah bin Mohammed Al Thani, added that the fund would invest a further $2 billion on top of $500 million of existing investments in the countrt – some which are being made directly with Russia’s $10 billion Russia Direct Investment Fund.