RDIF and Rosgeologia reach an agreement to create geological exploration investment fund
Saint-Petersburg, June 7, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and JSC Rosgeologia have announced an agreement to create an investment fund intended to provide venture financing for geological exploration.
Signed today at the St. Petersburg International Economic Forum, the agreement also includes RDIF and Rosgeologia’s commitment to explore the development of an investment project to create a science-driven cluster for advanced geological exploration research. This “GeoLab” will be based at the Moscow Physical-Technical Institute (MFTI), involving relevant specialists from leading Russian universities. The platform will enable the collection, modelling, storage, processing and analysis of Big Data in geology.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“Through our partnership with JSC Rosgeologia, announced today, we can ensure a greater availability of financial resources for companies by attracting private investment. As part of our efforts to support the development of digital technologies and big data processing, RDIF also recognizes the promising GeoLab project, which will allow the achievements of advanced data processing technologies to be extended to geological exploration”.
Sergey Gorkov, Chairman of the Board, JSC Rosgeologia, said:
“The creation of successful incentives for attracting investments into geology is one of the top priorities that we face today. I am sure that the agreements that we have reached and agreed upon today will prove to be an effective means of reaching this goal. We are glad that the RDIF share our recognition and understanding of this issue and are pleased to have acquired such a serious partner in this project”.
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 RUB 1.5tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at www.rdif.ru
Rosgeologia is a Russian multi-industry geological holding providing full-scale services related to geological exploration, from regional studies to parametric drilling and monitoring of the state of the subsoil. The holding has unique competencies in the field of marine geology and offshore work in particular. Rosgeologia was established by Decree of the President of the Russian Federation dated July 15, 2011 No. 957 on the basis of one of the oldest exploration companies in Russia - Centrologia. Rosgeologia is fully state-owned. The holding's enterprises operate in all eight federal districts of Russia. The holding's companies have discovered more than 1,000 deposits in total, with the largest deposits of hydrocarbon raw materials and solid minerals among them.
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