You are using an older browser version. Please use a supported version for the best MSN experience.

Saudi Arabia's Kingdom Holding invests in Russian energy companies

Reuters logo Reuters 14/08/2022
FILE PHOTO: General view shows the headquarters of Gazprom © Reuters/Sergei Karpukhin FILE PHOTO: General view shows the headquarters of Gazprom

(Reuters) - Saudi Arabia's Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil between Feb. 22 and March 22, it said on Twitter on Sunday.

Many Western nations have imposed sanctions on Russian energy firms and their executives following Russia's invasion of Ukraine on Feb. 24.

The Kingdom Holding investments fall within the company's 12.8 billion riyal ($3.4 billion) three-year investment programme, the company added.

Kingdom Holding said it invested 1.37 billion riyals in Gazprom and 196 million riyals in Rosneft on Feb. 22, and 410 million riyals in Lukoil from Feb. 22 to March 22.


Video: Saudi's Investment Minister on Oil Demand, Economic Growth, Green Energy (Bloomberg)

Kingdom Holding is mostly owned by Saudi Prince Alwaleed Bin Talal, but Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), took a 16.87% stake in the company in May.

FILE PHOTO: The logo of Russia's oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City © Reuters/Maxim Shemetov FILE PHOTO: The logo of Russia's oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City

Saudi Arabia and Russia lead the OPEC+ group, an alliance formed in 2017 between the Organization of the Petroleum Exporting Countries(OPEC)and allied producers.

The logo of Lukoil is on display at a petrol station in Saint Petersburg © Reuters/ANTON VAGANOV The logo of Lukoil is on display at a petrol station in Saint Petersburg

($1 = 3.7540 riyals)

(Reporting by Nayera Abdallah; Editing by David Goodman and Hugh Lawson)

AdChoices
AdChoices

View the full site

image beaconimage beaconimage beacon