RDIF: Saudi Aramco’s purchase of stake in Novomet to be completed

ST PETERSBURG, Jun 5 (PRIME) – An acquisition of Saudi Arabian oil company Saudi Aramco of a stake in Russian oilfield service company Novomet will be completed, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), told PRIME on Wednesday.

In early April, Director of a Department at the Federal Antimonopoly Service Olesya Milchakova said that the RDIF and Saudi Aramco had held consultations with the authority on acquiring a blocking stake of over 25% in Novomet. Later, state nanotechnology company Rusnano CEO Anatoly Chubais said that the sale will depend on the ability of the parties to agree on the price.

When asked whether the deal would be finished, Dmitriev said, “Absolutely, we have strict agreements with the shareholders of Novomet, and we have agreements with Rusnano as it is a shareholder of Novomet. The deal will be conducted together with our Saudi partners, we have all confirmations of that,” he said.

He also said that the fund was satisfied with Internet company Mail.Ru Group, that has many interesting artificial intelligence ideas, and that the RDIF planned to strengthen partnership with the Internet company.

The management of Novomet owns 49.9% in the company, Rusnano has a 30.76% stake, and funds Baring Vostok and Russia Partners are minority holders in the company.

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