RDIF CEO: Novomet to sell 1st equipment batch to Saudi Aramco

Prime, 22.01.2020

DAVOS, Switzerland, Jan 22 (PRIME) -- Russian oilfield service company Novomet and Saudi Arabia’s state oil company Saudi Aramco have signed a first contract for the sale of Novomet’s equipment to the Saudi company, and they are discussing the next batch, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), told reporters on Wednesday.

“Aramco has already signed the first contract for the sale of Novomet’s equipment to Aramco. They are discussing a second contract that may be larger than the first by five times,” he said without specifying the amount of equipment or other details of the deal.

In November 2019, the Russian government’s commission for foreign investment control cleared a 5 billion ruble acquisition of a 30.76% stake in Novomet by a consortium comprising the RDIF, Saudi Aramco, and Saudi Arabia’s sovereign fund Public Investment Fund (PIF).