State oil giant Saudi Aramco has signed one share purchase agreement and nine memorandums of understanding (MoUs) with major Russian companies as part of its expanding upstream strategy, it said in a statement.
The agreements were signed on the sidelines of the Saudi - Russian CEO Forum hosted in Riyadh as part of the state visit of the Russian President Vladimir Putin.
After the CEO Forum, Saudi Arabia’s King Salman and Putin alongside the Crown Prince Mohammed bin Salman, oversaw the signing of a confirmation agreement between Saudi Aramco, the Public Investment Fund (PIF), the Russian Direct Investment Fund (RDIF), and Rusnano to enter into a Share Purchase Agreement (SPA).
The SPA will allow to acquire Rusnano’s 30.76 percent share in Novomet, a 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.
“Today‘s 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 countries,“ Saudi Aramco President & CEO, Amin Nasser, said.
The MoUs signed are as follows:
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 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 localize production of ball valves in Saudi Arabia through a joint venture with a local partner.
Galen
An MOU to localize fiberglass rebar.
Integra
An MOU for a manufacturing facility for downhole drilling motors, drilling tools and bottom hole assembly (BHA) components.
NKT
An MOU for submersible cable lines protectors.
Technovek
An MOU for equipment and parts for wellhead equipment.
PAO “TMK”
An MOU for Line Pipe and OCTG components such as drilling, casing and tubing material.
Intratool
An MOU to localize hot tapping, line stopping split tees, and repair features.
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