Saudi Aramco, the Public Investment Fund of Saudi Arabia (PIF), the Russian Direct Investment Fund (RDIF), and Rusnano have put pen to paper on an agreement that will see Rusnano sell its stake in Novomet.
Rusnano will relinquish a 30.76% share in the Russian service provider and manufacturer of high-tech electrical submersible pumps under the terms of the deal.
The contract was rubberstamped on the sidelines of the Saudi-Russian CEO Forum in Riyadh, during which Russian President Vladimir Putin, Saudi King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman bin Abdulaziz were present.
Trade Arabia quotes Saudi Aramco president and CEO Amin H Nasser as saying: "Today‘s agreement is expected to enable future investments in both Saudi Arabia and Russia that come under the framework of the Saudi-Russian Energy Co-investment Platform through Saudi Aramco, PIF and RDIF, targeting to promote investments in the energy sector in both Saudi Arabia and Russia.
"We look forward to expanding our mutual interests in the energy sector through this important co-investment platform with Russian companies."