Economy

Russian Direct Investment Fund CEO discusses joint deals with Saudi PIF

Davos – Speaking from the annual World Economic Forum in Davos, CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said projects with the Saudi Public Investment Fund (PIF) range across several sectors.

“The sectors range from petrochemicals, real estate logistics and many others sectors. We also created a Saudi-Russian energy platform that will be invested jointly with Aramco and a couple of Russian oil services that can start working in Saudi Arabia and work for Saudi companies as well. So it is a very wide cooperation PIF, lots of joint investments so that cooperation is going very well,” Dmitriev told Al Arabiya.

Non-OPEC Russia and OPEC led by Saudi Arabia agreed to cut oil output by 1.8 million barrels per day (bpd) or around 2 percent of global production throughout 2017 and 2018, in a move that has helped oil prices to double from their 2016 lows to around $70 a barrel.

Dmitriev said earlier that Moscow and Riyadh should be coordinating oil policies for many more years.

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