Russia's RDIF says to finalize Eurasia Drilling deal with Aramco

Asian Stock Markets

The Russian Direct Investment Fund (RDIF) on Wednesday said it expected to finalize a deal with Saudi Arabia’s Aramco to invest in oilfield services firm Eurasia Drilling. 

Sibur, Russia’s largest producer of petrochemicals, is building a petrochemicals facility in the Kingdom. Russia’s Energy Minister Alexander Novak had said in October the deal would be worth $1.1 billion.

An announcement is also expected later on Wednesday on a partnership between Aramco and an LNG project in Russia, Dmitriev said.

Dmitriev said a deal between OPEC and non-OPEC members to cut crude oil supply was stabilizing the oil market.

Russia and Saudi Arabia, the world’s top oil producers, are leading a global oil cut deal between OPEC and some non-OPEC members. The current deal runs through to March 2018.