RIYADH, Oct 14 (PRIME) -- A consortium comprising the Russian Direct Investment Fund (RDIF), Saudi Arabia’s state oil company Saudi Aramco, and the country’s sovereign fund Public Investment Fund (PIF) have coordinated a binding agreement to buy 30.76% in oilfield service company Novomet from nanotechnology company Rusnano, the RDIF said on Monday.
“A consortium of investors comprising the RDIF, Saudi Aramco, and the Kingdom of Saudi Arabia’s sovereign fund Public Investment Fund announces coordination of binding documents to buy a 30.76% stake in Novomet, one of the leading producers of hi-tech oil-submersible equipment in Russia and the world, from Rusnano,” the statement read.
The consortium already submitted the documents to the Federal Antimonopoly Service, and plans to close the deal until the end of 2019.
“The RDIF in partnership with Saudi Aramco and PIF plans to ensure significant growth of Novomet’s business in Saudi Arabia and in the other key markets of the Middle East. The company will be able to expand the portfolio of orders for production and servicing of equipment, and will also have a chance of further development and creation of an upgraded product line,” the fund said quoting CEO Kirill Dmitriev.
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