Saudi Aramco IPO on track for 2018

Jerome Frank
October 6, 2017

Alexey Gremov, director of the Energy Department at the Institute for Energy and Finance, described the Saudi King's visit to Russia as a "very important event", stressing that discussions over oil-related issues between Russian and OPEC countries came following several visits by Saudi Energy Minister Khalid al-Falih.

Falih said Saudi Arabia wants to develop ties with Russian Federation further, particularly in the private sector.

On a landmark visit to Russia, Saudi Arabia's King Salman and President Vladimir Putin were set on Thursday to clinch a host of multi-billion-dollar energy and defence deals despite discord over the Syrian war. "Saudi Arabia's position is among the worst of the Gulf Cooperation Council countries", he added. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

Later the Saudi monarch invited President Putin to Riyadh.

The same day, speaking to The Financial Times Russian, Energy Minister Alexander Novak revealed that the two countries are also going to create a $1-billion fund to invest in energy projects, alongside a deal to invest $150 million in Russia's Eurasia Drilling Company and a $1.1-billion agreement with Russian petrochemical company Sibur to build a plant in Saudi Arabia.

King Salman, stuck on his golden escalator.

Both Falih and Nasser are part of an official Saudi visit to Moscow.

RDIF head Kirill Dmitriev said his fund was interested in partnering with Saudi investors to acquire a minority stake in Russian oilfield services firm Eurasia Drilling.

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Saudi Arabia does most of its trading with the United States but may be looking to diversify that.

The Russian Direct Investment Fund on Thursday will also sign an MoU with Aramco and Saudi's Public Investment Fund for investments in energy services and manufacturing.

"I haven't decided whether I'm going to run at all".

Putin admitted that he once met United States President Donald Trump, but said he has no personal ties with the USA leader. "We think they're going to stick to the pact and over the coming months they are likely to extend it - hopefully for six months and not three months".

The increase followed a widening of the discount for USA crude against Brent WTCLc1-LCOc1, making US oil attractive on world markets.

On the trip's program is an announced business forum which will see speeches by state-owned energy giants Saudi Aramco and Russia's Gazprom.

Saudi Aramco is the national oil company of Saudi Arabia, 100-percent controlled by the Government of Saudi Arabia.

Other reports by Guamnewswatch

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