Saudi Arabia's PIF to Join $300Mln Investment in Russia's NefteTransService - RDIF

Sputnik, 14.10.2019

RIYADH, October 14 (Sputnik) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), will join the up to $300 million investment in NefteTransService (NTS), Russia's major railroad rolling stock operator, together with the Russian Direct Investment fund (RDIF), RDIF said on Monday.

The announcement was made during Russian President Vladimir Putin's visit to Saudi Arabia.

"PIF... considers to join RDIF together with certain co-investors in the investment in ... NTS, one of the largest Russian operators of railway rolling stock ... The investment of up to $300 mn [million] is aimed at expansion of NTS' fleet of rolling stock and strengthening its position in the railway logistics market," RDIF said in a press release.

RDIF CEO Kirill Dmitriev praised cooperation with PIF in Russian railroad logistics sector as a "testament of close collaboration."

"We support the expansion of NefteTransService's business as one of the leading players in the railway logistics market," Dmitriev said, as quoted in the press release.

Aleksey Likhtenfeld, a member of NTS board of directors, said the company was grateful to its investors, voicing the belief that the RDIF-PIF cooperation would contribute to the "overall development" of Russia's railroad transport.