RIYADH: State oil giant Saudi Aramco has signed nine MoUs with Russian companies involved in the manufacture of drilling pipes, casings and tubings besides a share purchase agreement for Novomet at the Saudi-Russian CEO Forum hosted in Riyadh as part of the state visit of Russian President Vladimir Putin.
The deals signed yesterday by Aramco president and CEO Amin Nasser include an MoU with Gazprom Neft to exchange technical knowledge for oil applications and identify mutual technical studies of interest to both companies.
An MoU with Angara Service was for special chemicals and cleaning services to Aramco’s oil refineries and production sites.
Another MoU with Chelpipe was to localise production of ball valves in Saudi Arabia through a joint venture with a local partner.
An MoU with Galen was to localise fibreglass rebar.
Aramco and Integra signed an MoU for a manufacturing facility for downhole drilling motors, drilling tools and bottom hole assembly components.
An MoU with NKT was for submersible cable lines protectors and another with Technovek was for equipment and parts for wellhead equipment.
Two other MoUs were signed with PAO “TMK” and Intratool.
At the forum, Nasser noted the growing importance of Aramco’s evolving strategic relationship with Russian companies.
After the forum, Saudi King Salman, Putin and Crown Prince Mohammed bin Salman bin Abdulaziz oversaw the signing of a confirmation agreement between Saudi Aramco, the Public Investment Fund of Saudi Arabia (PIF), the Russian Direct Investment Fund (RDIF) and Rusnano to enter into a share purchase agreement to acquire Rusnano’s 30.76 per cent stake in Novomet, a leading 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, said the statement from Aramco.