Russia clears sale of 30% in Novemet to RDIF, Saudi Aramco, PIF

Prime, 14.11.2019

MOSCOW, Nov 14 (PRIME) -- The Russian authorities cleared on Thursday a 5 billion ruble acquisition of a 30.76% stake in oilfield service company Novomet by a consortium comprising the Russian Direct Investment Fund (RDIF), Saudi Arabia’s state oil company Saudi Aramco, and the country’s sovereign fund Public Investment Fund (PIF), Director of the Federal Antimonopoly Service Igor Artemyev said.

In accordance with the decision of the commission (the government’s commission for foreign investment control) the companies of Saudi Arabia will acquire 20.5% in company Novomet and will invest in the company. The price of the deal is 5 billion rubles. And the RDIF buys 10.2%. This way, they act as investors who will develop the technologies further,” Artemyev said.

In October, the consortium coordinated a binding agreement to buy 30.76% in Novomet from nanotechnology company Rusnano.

The management of Novomet owns 49.9% in the company, Rusnano has a 30.76% stake, and funds Baring Vostok and Russia Partners are minority holders in the company.