Russia is seeking to finalise multi-million-dollar investment deals with Saudi Arabia in the next three months including partnerships with state oil giant Aramco. Russian Direct Investment Fund, Russian banks and a Russian-Chinese investment fund are also keen to take part in Aramco’s initial public offering (IPO).
Sources said last year that Chinese state oil companies were willing to be cornerstone investors in the Aramco IPO, which could become the world's biggest, valuing the firm at up to $2 trillion and raising more than $100 billion.
The Russian Direct Investment Fund, the Saudi Public Investment Fund and Aramco planned to invest in several projects through their joint energy platform including in Russia’s Eurasia Drilling, a major independent driller.
In October, Russia and Saudi Arabia announced a $1 billion fund to invest in energy projects.