Russia to Welcome Saudi Investment in Oil Driller Eurasia

Russia to Welcome Saudi Investment in Oil Driller Eurasia

The Russian Direct Investment Fund (RDIF)’s Chief Executive, Kirill Dmitriev, said that RDIF would welcome Saudi investments in Russia’s largest oilfield services company Eurasia Drilling, according to Reuters.

Moreover, RDIF announced that it was acquiring a minority stake in the company in a consortium with a United Arab Emirates investment fund and Chinese partners. Dmitriev  stated, “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”,  Khaleej Times informed.

Meanwhile, Russian President, Vladimir Putin, met Saudi Deputy Crown Prince, Mohammed bin Salman, who oversees defense and energy. Dmitriev said that during the visit, the crown prince’s delegation had talks with a large number of Russian companies that were interested in investing in Saudi Arabia.”I think that already this year, we will see examples of Russian companies that will receive important contracts in Saudi Arabia,” Dmitriev said.

In 2015, Eurasia Drilling Company (EDC) de-listed its shares from the London Stock Exchange after the collapse of a deal for the world’s leading oilfield services provider Schlumberger NV to buy a stake in it. EDC is Russia’s largest private oil services company.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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