Tags: russia | investment | deals | saudi | arabia

FT: Russia to Sign Investment Deals With Saudi Arabia Worth $3 Billion

FT: Russia to Sign Investment Deals With Saudi Arabia Worth $3 Billion
Ruletkka | Dreamstime

Wednesday, 04 October 2017 02:36 PM

Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during a visit to Moscow by Saudi Arabia's King Salman, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday.

The deals will include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak as saying in an interview with the Financial Times newspaper.

A joint Russian and Saudi fund will invest $150 million in Russian private oilfield services firm Eurasia Drilling Company Limited, the ministry quoted Novak as saying. 

“I think that both Russia and Saudi Arabia are facing similar challenges, meaning that cooperation between our companies is mutually beneficial. We should be working on creating an ecosystem, where investment and partnership is economically justified and aimed at developing our own technology and equipment for the benefit of our nations,” Novak told the FT.

“There is a lot of interest towards cooperation in the petrochemical and oil field service segments, where we see big potential for cooperation… Saudi investors certainly show great interest in participating in the production and processing of oil and gas in Russia,” he said,

© 2021 Thomson/Reuters. All rights reserved.


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The deals will include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak as saying in an interview with the Financial Times newspaper.
russia, investment, deals, saudi, arabia
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2017-36-04
Wednesday, 04 October 2017 02:36 PM
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