RDIF, Saudi partners finalize main parameters of Novomet deal

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MOSCOW, December 26. /TASS/. Russia’s Direct Investment Fund (RDIF) and its Saudi partners have finalized the main parameters of the deal on Russian oilfield service company Novomet, Chief Executive Officer Kirill Dmitriev told the Rossiya 24 TV channel on Tuesday.

“Saudi Aramco, which is the world’s biggest oil company, is a very important partner,” he said. “Right now, we have finalized the main parameters of the Novomet deal to supply Russian-made pumping equipment to Saudi Aramco and other companies, and Saudi Aramco will become an investor in this project.”

He added that various formats of Saudi Aramco investment in Russia are now under consideration, including the Arctic LNG-1 and various petrochemical projects.

“This is a chance to attract billions of dollars from Saudi Aramco into Russia, so that Russian companies worked for this giant in Saudi Arabia,” Dmitriev said.

Energy Minister of Saudi Arabia Khalid al-Falih, who also heads the board of directors of Saudi Aramco, said in an interview with TASS earlier that Saudi Aramco and Saudi Arabia’s sovereign fund are close to investing in the Russian oil production equipment manufacturer Novomet and Eurasia Drilling Company.

Dmitriev said at the Eastern Economic Forum in September that the joint fund of Russian Direct Investment Fund and Saudi Arabia’s sovereign fund Public Investment Fund (PIF) might close the deal on investing in Novomet by the end of the year. According to CEO, Saudi partners are very interested in Novomet, which is why it is likely to become the first Russian company to supply Saudi Aramco equipment and, respectively, Saudi Aramco together with Russian Direct Investment Fund, with Public Investment Fund, will participate in financing.

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