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Putin hopes Qatar's sovereign fund will broaden work with Russian Direct Investment Fund

Qatari partners will take part in oil production in Russia, the president says

© Alexei Druzhinin/Russian Presidential Press and Information Office/TASS

MOSCOW, January 25. /TASS/. Russian President Vladimir Putin expects the Qatar’s sovereign fund will expand cooperation with Russia, particularly with the Russian Direct Investment Fund (RDIF). The head of state made such a statement at the meeting with participants in privatization of Russian oil major Rosneft.

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Russia’s energy minister suggests Qatar should consider boosting mutual trade to $500 mln

"I hope your work with the RDIF will also expand in other area," Putin said addressing the head of the Qatari sovereign fund Abdullah bin Hamad bin Khalifa Al Thani.

Qatari partners will take part in oil production in Russia and Glencore will have a long-term supply contract, Putin went on.

"Our Qatari friends will take part in hydrocarbons tapping in the territory of Russia" and Glencore "will have a long-term contract" on Russian oil supplies to global markets, Putin said. Intesa will hopefully "broaden its activity on the Russian market" as well, he added. "I know all of you bear in mind to widen cooperation with the company [Rosneft], particularly in the territory of Russia. We will accordingly perform all these agreements," Putin said. This is in interests of "all participants in this process," the head of state said.

$2 bln investments

The sovereign fund of Qatar has recently struck a next deal in Russia stipulating investments worth $2 bln, the Chairman of the fund Sheikh Abdullah bin Hamad bin Khalifa Al Thani said at the meeting of Russian President Vladimir Putin with participants in Rosneft privatization.

Al Thani said the fund has already invested about $500 mln and recently clinched one more deal signifying extra $2 bln investments. The fund started broadening investments in Russia from the last year, particularly cooperating with VTB Bank and the Russian Direct Investment Fund.

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