Russian-Saudi Energy Platform to Invest in Russian Oil Production – RDIF Head

Sputnik, 05.10.2017

MOSCOW, October 5 (Sputnik) - The newly established joint platform of the Russian Direct Investment Fund (RDIF), the Public Investment Fund (PIF) of Saudi Arabia and the state-owned oil company Saudi Aramco intends to invest in Russian projects in oil services and oil production, RDIF CEO Kirill Dmitriev told Sputnik Thursday.

Earlier in the day, within the framework of the visit of Saudi King Salman bin Abdulaziz Al Saud in Moscow, the RDIF, PIF and Saudi Aramco created a joint Russian-Saudi Energy Platform for investment in the energy sector, aimed at finding attractive investment opportunities in Russia with a focus on hi-tech energy companies in oil drilling services and related activities.

"The energy fund plans to invest in Russian oil services projects and technologies that could be useful for Aramco and other oil and petrochemical companies of Saudi Arabia," Dmitriev said.

Among the projects already being discussed by the fund is investing, together with Mubadala Investment Company, into Russia’s Eurasia Drilling contractor, Dmitriev explained.

"And it is very important for us that Aramco has too joined this agreement and therefore will not only finance projects, but also provide contracts for companies, which will allow our companies to successfully enter the Saudi market," Dmitriev stressed.

On Wednesday, Russian Energy Minister Alexander Novak said in an interview with The Financial Times that Russia and Saudi Arabia would create a $1-billion fund to invest in energy projects, alongside a deal to invest $150 million in Russia’s Eurasia Drilling Company.