timesofsaudia.com icon

Aramco to invest globally in gas, LNG after IPO

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF) in Russia on Friday. — SPA
Minister of Energy, Industry and Mineral Resources Khalid Al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF) in Russia on Friday. — SPA

ST. PETERSBURG — Saudi Arabia’s national oil company Saudi Aramco aims to invest globally in production of gas and liquefied natural gas after holding its initial public offering, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on Friday.

Al-Falih, who is also the chairman of Saudi Aramco, was addressing the St. Petersburg International Economic Forum (SPIEF).

The St. Petersburg International Economic Forum 2017 opened on Thursday with its events united under the slogan ‘Achieving a New Balance in the Global Economic Arena’. The Forum’s primary objective is to offer a constructive and open dialogue to discuss the main ways in which the global community is developing.

The SPIEF Presentation Area brought together Russian and foreign investors, company executives, and representatives of the government authorities, who discussed prospects for the implementation of regional and federal projects in the country.

A number of agreements on investments as well as memorandums and agreements of intent were signed on Thursday.

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.

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.

“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.

Leading oil producers Russia and Saudi Arabia are increasing cooperation after helping to bring about a global deal to cut oil production, aimed at supporting the price of crude. — Agencies

Posted by: TimesofSaudia.com