June 1, 2017 / 7:23 PM / 2 months ago

Russia, China, UAE funds agree Eurasia Drilling investment

2 Min Read

MOSCOW (Reuters) - A consortium of Russian, Chinese and UAE funds are buying a minority stake in Eurasia Drilling EDCLq.L, the head of the Russian Direct Investment Fund (RDIF) was quoted by Russian news agencies as saying on Thursday.

The sovereign funds are thought to be taking a minority stake of 13-15 percent in Eurasia, Russia's largest oilfield services company by metres drilled.

"I can confirm that we are acquiring a minority stake, and a United Arab Emirates investment fund and our Chinese partners will be in this deal," RDIF's Kirill Dmitriev was quoted as saying by Interfax.

Dmitriev said he hoped Saudi Arabia would also invest in the company, Interfax reported. He did not give any details on the size of the stake.

The consortium comprising the RDIF, the Russia-China Investment Fund (RCIF) established by RDIF and the China Investment Corporation, and the UAE co-investors said earlier on Thursday they had agreed the principal terms of the deal.

As part of an economic forum in St Petersburg, Dmitriev presented a statement to a meeting of international investors chaired by Russian President Vladimir Putin.

Sources close to the talks told Reuters in March that RCIF and Mubadala, Abu Dhabi's state fund, were considering buying a minority stake in Eurasia Drilling.

Reporting by Polina Devitt; Writing by Vladimir Soldatkin and Jack Stubbs; Editing by Andrew Roche

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