Saudi Aramco said to finalise Russian pumping equipment deal
Novomet agreement could reportedly see Aramco buying Russian-made equipment for the first time
Finalisation has been achieved on a deal that could see Saudi Aramco purchasing equipment from a Russian company for the first time, with the support of Russia’s government-backed sovereign wealth fund.
Commenting on the agreement on 25 December, 2018 according to Russia’s state-held news agency, Tass, Novomet chief executive officer, Krill Dmitriev, said: “Saudi Aramco, which is the world’s biggest oil company, is a very important partner.
“We have finalised the main parameters of the Novomet deal to supply Russian-made pumping equipment to Saudi Aramco and other companies, and Saudi Aramco will become an investor in this project.”
Various elements of Saudi Aramco’s investment in Russia are being reviewed at present, including the Arctic LNG-1 plant, as well as various other petrochemicals projects.
“This is a chance to attract billions of dollars from Saudi Aramco into Russia,” Dmitriev added.
Tass reported that Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources, Khalid al-Falih, said earlier that Aramco and Saudi Arabia’s sovereign wealth fund – the Crown Prince-led Public Investment Fund – were “close to investing in the Russian oil production equipment manufacturer Novomet and Eurasia Drilling Company”.
The Russian report further stated that Saudi partners “are very interested in Novomet”.