Russian-Saudi Energy Fund to Announce Several Deals With Russian Companies Soon - RDIF

MOSCOW (Pakistan Point News / Sputnik - 03rd October, 2018) Russian-Saudi joint energy fund will announce a number of deals with Russia's tech and service companies in the near future, Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev said Wednesday.

"The [OPEC-non-OPEC] deal created a foothold for broader investment cooperation in other energy sectors ... We created [with Saudi Arabia] an energy fund that will soon announce a number of investments, including in Russian technology and service companies," Dmitriev said in his speech at the Russian Energy Week (REW) forum.

This cooperation is beneficial for Russia's Saudi partners not only financially, but also technologically, he noted.

"We see that it is not only about investments coming into Russian companies, but also about access to Russian companies, contracts for such a company as Aramco, the world's largest oil company," RDIF head said.

In July 2015, the RDIF and Saudi Arabia's Public Investment Fund (PIF) signed a partnership agreement to jointly invest in projects in Russia. Under the agreement, the Saudi fund's share of the investment will amount to $10 billion.

In 2016, OPEC and a number of non-cartel oil producers agreed to cut oil production by 1.8 million barrels per day. The deal came into effect in 2017 and has since been extended until the end of 2018.

The Russian Energy Week forum started earlier in the day in Moscow and will continue through Saturday. Rossiya Segodnya International Information Agency is the official media partner of the event.