The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and Saudi Aramco, the Saudi Arabian state oil company, have agreed on the main terms of investment in Novomet Group, one of Russia’s largest developers and producers of submersible equipment for the oil industry. RDIF has sent a request to the Federal Antimonopoly Service of the Russian Federation on behalf of the consortium.
“The involvement of our partner, Saudi Aramco, confirms the strong interest in Russia’s oilfield services industry and illustrates the great potential of cooperation for Novomet, which is now entering the Saudi Arabian market. In partnership with Saudi Aramco, we plan to support the company’s expansion in other Middle Eastern markets and to help strengthen its manufacturing and technological base,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted.
Novomet is one of the leading Russian manufacturers of high-tech submersible equipment for the oil industry. In addition to the production of complete installations for oil and water recovery, the company also provides a comprehensive service—from the selection of equipment for the well to its refurbishment.
According to Maxim Perelman, CEO of Novomet, “We believe that our cooperation with RDIF and Saudi Aramco will open additional areas of growth for the company. We have already carried out the first deliveries of our products to the Saudi Arabian market, where, in a short time, they demonstrated their high quality and efficiency. In the near future, together with RDIF and Saudi Aramco, we plan to further increase the supply of our products to the Saudi Arabian market.”