Russian Federation eyes multi-million-dollar Saudi investment…

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With Saudi Arabia planning to sell a stake of around 5% in what has been projected to be a record-breaking IPO, several other Russian groups in Russia were said to be interested in picking up Aramco shares, Kirill Dmitriev, chief executive officer of the Russian Direct Investment Fund, said in Riyadh on Wednesday, according to Bloomberg.

The move is aimed at strengthening energy ties between the two major oil producers.

"We see significant interest to invest in the Aramco IPO from Russian Federation, from China, and we believe that this is very good for, once again, thinking jointly about oil".

Dmitriev told Reuters last month that there was great interest in the Aramco IPO from Russian pension funds and Chinese partners. "We believe this is very good for, once again, thinking jointly about oil", Dmitriev said today. They reached new energy agreements, including one relating to LNG.

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Rabih Haidar, head of Saudi Arabia Territory, LinkedIn Talent Solutions, said the kingdom's major economic transformation, aimed at diversifying the economy from its oil sector dependence, is having an impact on the country's employment market.

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

Back in 2015, RDIF and Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), announced a partnership to invest in projects in Russian Federation, such that could strengthen trade, economic, and investment co-operation between the two countries. More coordination is needed to assess inventories, Russian Energy Minister Alexander Novak said at the same meeting.

Onshore projects have an average full cycle CAPEX of US$2.9 per barrel of oil equivalent, while shallow water projects average $6.9 per barrel of oil equivalent in full cycle CAPEX. Saudi Arabia and Russian Federation have through 2017 undertaken the lion's share of output curbs of around 1.8 million barrels per day (bpd) and have agreed to an extension to the end of 2018.

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