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Russian state fund would welcome Saudi investment in driller Eurasia
June 2, 2017 / 7:36 AM / 6 months ago

Russian state fund would welcome Saudi investment in driller Eurasia

ST PETERSBURG, Russia (Reuters) - The state-backed Russian Direct Investment Fund (RDIF) would welcome Saudi investments in Russia’s largest oilfield services company Eurasia Drilling, RDIF Chief Executive Kirill Dmitriev told Reuters on Friday.

Kirill Dmitriev, Chief Executive Officer of the Russian Direct Investment Fund, attends a meeting of Russian President Vladimir Putin and Indian Prime Minister Narendra Modi with representatives of the business community on the sidelines of the St. Petersburg International Economic Forum (SPIEF), Russia, June 1, 2017. REUTERS/Sergei Savostyanov/TASS/Host Photo Agency/Pool

RDIF announced on Thursday it was acquiring a minority stake in the company in a consortium with a United Arab Emirates investment fund and Chinese partners.

The Russian fund will likely remain a Eurasia investor within the next five to seven years and aims to help the company develop in the Middle East, Dmitriev said in an interview.

“We would welcome the participation of Saudi partners in investments in Eurasia Drilling, we believe that if this company began working in Saudi Arabia, it would be a good example of cooperation,” Dmitriev said on the sidelines of the St Petersburg International Economic Forum.

Saudi Arabia will consider investing in Eurasia Drilling, the TASS news agency cited Saudi Energy Minister Khalid al-Falih as saying on Friday.

Reporting by Katya Golubkova; Writing by Maria Kiselyova; Editing by Alexander Winning

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