The Russian sovereign wealth fund RDIF said on Wednesday it was poised to significantly increase its number of investment deals with Saudi Arabia.
Kirill Dmitriev, the head of the fund, met Saudi Energy Minister Khalid al-Falih and other Saudi officials in Riyadh to discuss projects in oil refining, petrochemicals, gas chemicals and oilfield services, among other fields, RDIF said in a statement.
Al Falih said that Saudi Aramco was serious about buying a stake in the project, but that they had not yet agreed to a price and terms
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The fund said last month it was considering investing in Novatek’s Arctic LNG project with Saudi Aramco.
Russia’s Novak plans to meet Saudi’s Falih at Davos
In a related development, Russian Energy Minister Alexander Novak plans to meet with Saudi Energy Minister Khalid al-Falih at the World Economic Forum in Davos, Switzerland next week, Interfax news agency cited the Russian minister as saying on Thursday.
The WEF’s annual gathering of political and business leaders is due to take place from January 23 to 26 in the Swiss ski resort.
In November, Saudi Aramco’s Chief Executive Officer Amin Nasser said that the company’s relationship with Russia will grow as the two sides proceed with cooperation projects.
“Our ongoing strategic engagements and discussions with partners in Russia are taking our relationship to new heights,” he said at a groundbreaking ceremony for a new Saudi Aramco Research Center for upstream technologies in Moscow.