Russia is seeking to finalise multi-million-dollar investment deals with Saudi Arabia in the next three months including partnerships with state oil giant Aramco, Russia's top state investment officer said on Wednesday.
Sources told Reuters previous year that Chinese state oil companies were willing to be cornerstone investors in the Aramco IPO, which could become the world's biggest, valuing the firm at up to $2 trillion and raising more than $100 billion.
Russian banks are also considering investments in Saudi Aramco's IPO, Dmitriyev said.
As the bilateral ties between the two countries are growing, Russian EDC and Novomet are likely to become one of first foreign companies certified by Saudi Aramco to work in the country's service sector, Dmitriyev said.More news: Stocks Views And Recommendations: Chubb Limited (CB), Portland General Electric Company (POR)
Significant successes in investment cooperation between Russian Federation and the Kingdom of Saudi Arabia were discussed at the meeting in particular, along with implementation of specific projects between the RDIF, the Public Investment Fund (PIF) and Saudi Aramco, the press service said. "We believe this is very good for, once again, thinking jointly about oil", he said.
Saudi Aramco is expected to "partner with a major LNG project in Russia", Dmitriyev said, speaking during an energy forum in Riyadh. It is also highly significant that RDIF provides information and facilitates access to investment opportunities, "allowing to prioritize what is more ready, and what is the right risk/return tradeoff", the minister added.
Sibur, Russia's largest producer of petrochemicals, is building a petrochemicals facility in the kingdom.
"I am confident that our high degree of cooperation and coordination will continue and bring the desired results", Falih told the industry conference attended by Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo.More news: Saakashvili wants to settle in the Netherlands
A Sovereign Fund of Saudi Arabia, Public Investment Fund (PIF), announced in 2015 its intention to invest $10 billion in the Russian economy through partnership with the Russian fund.
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.
"More and more Russian companies are investing in Saudi Arabia, and Saudi Arabia is investing in Russia".More news: Batman Ninja English trailer and release date unveiled