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Saudi Aramco signs with Russian companies to boost upstream industry

Oct 15, 2019
2 min read
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Saudi Aramco and Saudi pensions fund signed an agreement to acquire a 30.76 per cent stake in Russia’s artificial lift and pumps manufacturer Novomet, along with several preliminary deals.

For an undisclosed amount, the agreement was signed with the Russian Direct Investment Fund (RDIF) and Rusnano at the Saudi - Russian CEO Forum hosted in Riyadh as part of the state visit of the Russian President Vladimir Putin.

The deal, which preceded nine additional Memorandum of Understanding (MOUs) between Saudi Aramco and major Russian companies, was signed in the presence of Saudi Arabia’s King Salman Bin Abdulaziz Al Saud and Russia's President Vladimir Putin alongside HRH the Crown Prince Mohammed bin Salman bin Abdulaziz.

Saudi Aramco President & CEO Amin H. Nasser spoke of the growing importance of Saudi Aramco’s evolving strategic relationship with Russian companies.

Nasser, said: “Today‘s agreement is expected to enable future investments in both Saudi Arabia and Russia that come under the framework of the Saudi - Russian Energy Co-investment Platform through Saudi Aramco, PIF and RDIF, targeting to promote investments in the energy sector in both Saudi Arabia and Russia. We look forward to expanding our mutual interests in the energy sector through this important co-investment platform with Russian companies.”

As part of its upstream strategy, Saudi Aramco signed preliminary deals with Gazprom Neft to exchange technical knowledge; with Angara Service for special chemicals and cleaning services for Aramco facilities; with Chelpipe to localise production of ball valves in Saudi Arabia; with Galen to localise fiberglass rebar; with Integra for a manufacturing facility for downhole drilling motors, drilling tools and bottom hole assembly (BHA) components; with NKT for submersible cable lines protectors; with Technovek for wellhead equipment and parts; with PAO “TMK” for Line Pipe and OCTG components; and with Intratool to localise hot tapping, line stopping split tees, and repair features.

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