A consortium of Saudi Aramco, Saudi Arabia’s state Public Investment Fund and Russian Direct Investment Fund RFPI has signed a binding agreement with Russian state-owned Rosnano to buy a 31% stake in downhole pump components supplier Novomet, writes Vladimir Afanasiev.
The announcement came hours after Russian President Vladimir Putin arrived in Riyadh, marking three years of his country's efforts to build closer ties with Saudi Arabia, a traditional US ally in the Middle East.
