RDIF and Saudi Aramco agree terms of investment in Novomet
Press release, 20.02.2019
Moscow, February 20, 2019 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and Saudi Aramco, the Saudi Arabian state oil company, have agreed on the main terms of investment in Novomet Group, one of Russia’s largest developers and producers of submersible equipment for the oil industry. RDIF has sent a request to the Federal Antimonopoly Service of the Russian Federation on behalf of the consortium.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted:
“The involvement of our partner, Saudi Aramco, confirms the strong interest in Russia’s oilfield services industry and illustrates the great potential of cooperation for Novomet, which is now entering the Saudi Arabian market. In partnership with Saudi Aramco, we plan to support the company's expansion in other Middle Eastern markets and to help strengthen its manufacturing and technological base.”
Maxim Perelman, CEO of Novomet, said:
“We believe that our cooperation with RDIF and Saudi Aramco will open additional areas of growth for the company. We have already carried out the first deliveries of our products to the Saudi Arabian market, where, in a short time, they demonstrated their high quality and efficiency. In the near future, together with RDIF and Saudi Aramco, we plan to further increase the supply of our products to the Saudi Arabian market.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than 1.4 trillion rubles and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people, and generate revenues which equate to more than 5% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than 40 billion dollars. Further information can be found at www.rdif.ru
Novomet is one of the leading Russian manufacturers of high-tech submersible equipment for the oil industry. In addition to the production of complete installations for oil and water recovery, the company also provides a comprehensive service—from the selection of equipment for the well to its refurbishment.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133