Saudi Aramco, RDIF agree terms of investment in Russian firm

Saudi Aramco and the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, have agreed on the main terms of investment in Novomet Group, one of Russia’s largest developers and producers of submersible equipment for the oil industry, RDIF said in a statement.

Also see: Russia finalizes deal to supply Saudi Aramco with equipment: RDIF chief

RDIF has sent a request to the Federal Antimonopoly Service of the Russian Federation on behalf of the consortium, the statement added.

“The involvement of our partner, Saudi Aramco, confirms the strong interest in Russia’s oilfield services industry and illustrates the great potential of cooperation for Novomet, which is now entering the Saudi Arabian market,” Kirill Dmitriev, CEO of RDIF said.

Also read: Russia's RDIF nears closing Eurasia Drilling deal with Aramco

“We believe that our cooperation with RDIF and Saudi Aramco will open additional areas of growth for the company. In the near future, together with RDIF and Saudi Aramco, we plan to further increase the supply of our products to the Saudi Arabian market,” Maxim Perelman, CEO of Novomet, said.