RDIF, Saudi Aramco and PIF negotiated binding document on Novomet stake
Riyadh. A consortium of investors consisting of the Russian Direct Investment Fund (RDIF), Saudi Aramco and the Saudi Arabia’s Public Investment Fund (PIF) negotiated papers on acquisition of a 30.76% stake in the Novomet Group from Rusnano, RDIF says in its press release on Monday.
The deal is expected to be completed after an approval from the Russian antimonopoly watchdog, TASS says. The package of documents was already sent to the Federal Antimonopoly Service of Russia.
The consortium of investors will contribute to further development of Novomet’s business on existing and new markets, including the Middle East.
Novomet is a supplier of solutions for oil production. According to RDIF data, Novomet is ranked sixth across the globe and holds 3.9% of the global market of oilfield service equipment.