Saudi, Russian leaders discussed joint ties

Ivan Schwartz
February 16, 2018

Dmitriev told Reuters last month that there was great interest in the Aramco IPO from Russian pension funds and Chinese partners.

Prince Alwaleed, who is one of the country's top global investors, said he is showing the support by donating half a million dollars. Saudi Arabia plans this year to sell about 5 percent of the company in what could be a record IPO.

Dmitriev also said the Russian Direct Investment Fund, the Saudi Public Investment Fund and Aramco planned to invest in several projects through their joint energy platform including in Russia's Eurasia Drilling, a major independent driller. The US has not been the global leader in oil production since the 1970s.

The sovereign wealth fund's head, Kirill Dmitriev, who has previously said that Russian pension funds were considering participation in the Saudi Aramco IPO, said he expects widespread interest from the Russian financial sector.

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The minister also said that Novatek and Saudi Aramco have been in discussion over the Arctic LNG-2 project, which aims to start producing liquefied natural gas from 2022-2023, and that an agreement could be signed this year at an economic forum in St Petersburg.

He added that Russian Federation is supporting Saudi Arabia's "Saudi Vision 2030" economic plan with direct investments.

Sibur, Russia's largest producer of petrochemicals, is building a petrochemicals facility in the kingdom.

Russian Federation and Saudi Arabia, the two largest oil-producing countries in the world, put aside their differences to form an alliance as they attempted to support crude prices despite increased output from United States shale drillers, engineering a global accord to dial down output until the end of the year. Russian Energy Minister Alexander Novak had said in October the deal would be worth $1.1 billion. The current deal runs through to March 2018.

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