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Saudi Aramco signs 10 deals with Russian companies

Industry

State oil company Saudi Aramco has signed nine memorandum of understanding (MOUs) with Russian companies as part of Saudi Aramco’s upstream strategy

The deals were signed at the Saudi - Russian CEO Forum hosted in presence of Amin H. Nasser, Saudi Aramco president and CEO, and the Russian President Vladimir Putin,

After the CEO Forum, Saudi Arabia’s King Salman Bin Abdulaziz Al Saud and the Russian President alongside the Crown Prince Mohammed bin Salman bin Abdulaziz, oversaw the signing of a confirmation agreement between Saudi Aramco, the Public Investment Fund of Saudi Arabia (PIF), the Russian Direct Investment Fund (RDIF) and Rusnano to enter into a share purchase agreement (SPA) to acquire Rusnano’s 30.76 per cent share in Novomet, a leading Russian service provider and manufacturer of high-tech electrical submersible pumps.

The deal is expected to close early next year, subject to regulatory approvals and closing conditions.

Nasser said, “The agreement is expected to enable future investments in both Saudi Arabia and Russia that come under the framework of the Saudi - Russian Energy Co-investment Platform through Saudi Aramco, PIF and RDIF, targeting to promote investments in the energy sector in both Saudi Arabia and Russia. We look forward to expanding our mutual interests in the energy sector through this important co-investment platform with Russian companies.”

The deals include:

Gazprom Neft

An MOU between Saudi Aramco and Gazprom Neft: The agreement aims to exchange technical knowledge for oil applications and identify mutual technical studies of interest to both companies.

Angara Service

An MOU between Saudi Aramco and Angara Service: For special chemicals and cleaning services with existing service providers to Saudi Aramco’s oil refineries and production sites.

Chelpipe

An MOU between Saudi Aramco and Chelpipe: To localise production of ball valves in Saudi Arabia through a joint venture with a local partner.

Galen

An MOU between Saudi Aramco and Galen: To localise fibreglass rebar.

Integra

An MOU between Saudi Aramco and Integra: For a manufacturing facility for downhole drilling motors, drilling tools and bottom hole assembly (BHA) components.

NKT

An MOU between Saudi Aramco and NKT: For submersible cable lines protectors.

Technovek

An MOU between Saudi Aramco and Technovek: For equipment and parts for wellhead equipment.

PAO “TMK”

An MOU between Saudi Aramco and PAO “TMK”: For Line Pipe and OCTG components such as drilling, casing and tubing material.

Intratool

An MOU between Saudi Aramco and Intratool: To localise hot tapping, line stopping split tees, and repair features.

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