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Russia, Saudi Arabia establish joint fund for investments in energy companies

June 10, 15:36 UTC+3

"We hope, this will be done quickly," Russia's Minister of Energy Alexander Novak said, answering a question, when joint investments may begin

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ASTANA, June 10. /TASS/. Russia and Saudi Arabia may establish soon a joint fund for investing in energy companies, Russia's Minister of Energy Alexander Novak said on Saturday.

"I believe, soon our colleagues will work on this question," he said. "But it is not a separate fund. It is a direction in cooperation between investment funds, where energy will be a separate direction," he said in response to a question from TASS.

"We hope, this will be done quickly," he added, answering a question, when joint investments may begin.

In an interview with TASS at the St. Petersburg International Economic Forum (SPIEF-2017) Al-Falih said Saudi Arabia’s sovereign fund (Public Investment Fund, PIF) and the Russian Direct Investment Fund (RDIF) plan to set up a joint fund to invest in the energy sector. "We consider creating a fund between PIF and RDIF to specialize in energy companies. It will not only to buy existing companies but create growth opportunities for Russian companies to invest in Saudi Arabia or even third countries," he said. The Minister also confirmed plans to consider the possibility of investment in Russia’s oilfield services company Eurasia Drilling. "Yes, we are considering," he said when asked a respective question.

Reports in May said that the RDIF and Saudi Arabia’s sovereign fund are considering more than 25 projects in various sectors of the Russian economy for potential investments.

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