Published: Fri, February 16, 2018
Markets | By Noel Gibbs

Russian Federation eyes multi-million-dollar Saudi investment deals, Aramco IPO

Russian Federation eyes multi-million-dollar Saudi investment deals, Aramco IPO

Al-Falih said Saudi Arabia is also working with Russian Federation on nuclear energy for peaceful purposes, adding the issue of climate change was also discussed.

The United States could overtake Russian Federation to become the world's biggest oil producer by the end of this year thanks to an extraordinary growth in output, the International Energy Agency has said.

"Not only this, we have a Russia-China investment fund, and through that Russia-China investment fund we see a major interest in the Aramco IPO from a number of leading Chinese institutions".

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Al-Falih told reporters later at a joint news briefing with Novak that he wasn't surprised to learn of the Russian and Chinese interest in the Aramco share sale.

"We expect to finalize an agreement very shortly to have our energy platform with Saudi Aramco invest in Eurasia Drilling and also provide services to Saudi Aramco", Kirill Dmitriev said in the Saudi capital Riyadh.

Aramco, known formally as Saudi Arabian Oil Co., was set to make “a big announcement” of a partnership in liquefied natural gas with a Russian company later on Wednesday, Dmitriev said. "I am confident that our high degree of cooperation and coordination will continue and bring the desired results", Falih told the industry conference, with an audience of Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo.

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Russian Federation also has significant investments in Saudi Arabia's petrochemicals industry, he said.

The award, which is presented annually by the UK's Energy Institute and Gulf Intelligence, is also in recognition of the leadership displayed by Al-Falih in guiding about 20 producing countries to reach more than 100 per cent compliance with cuts and extend the oil supply pact for a second year through to the end of 2018.

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