Published: Thu, February 15, 2018
Business | By Max Garcia

The most sought-after job in Saudi Arabia

The most sought-after job in Saudi Arabia

Russian banks and a Russian-Chinese investment fund are also keen to take part in Aramco´s initial public offering (IPO), the head of the Russian Direct Investment Fund, Kirill Dmitriev, told reporters, reiterating comments he made last month.

Neither side had issued a statement on the LNG development at the time of going to press.

Saudi officials have claimed that Aramco is worth US$2 trillion, so a 5-percent stake sale could fetch the Kingdom as much as US$100 billion.

He added that Russian Federation is supporting Saudi Arabia's "Saudi Vision 2030" economic plan with direct investments.

Russian Federation and Saudi Arabia are leading the supply deal, which runs until the end of 2018. Saudi Arabia plans to deploy 17 gigawatts of atomic power through 16 reactors by 2040. Moreover, Novak recently stated that Russian companies are also interested in building regasification terminals in Saudi Arabia, as the kingdom will need this infrastructure in order to import LNG, should it decide to do so.

"Sibur, jointly with us, is building a petrochemical facility focused on ... manufacturing, which is really one of the big Russian projects in Saudi Arabia and underscores the potential for cooperation in petrochemicals", he added.

According to Saudi Arabian Energy Minister Khalid Al-Falih, Saudi Aramco is "seriously" studying an opportunity to invest in a future LNG plant in Russia's Arctic.

Russia, according to the BP Statistical Review of World Energy 2017, has the world's second-largest reserves of natural gas after Iran and is the world's second-largest producer of the fuel, which is being increasingly substituted for oil in Saudi stations.

Looking to the future, Saudi Arabia will reportedly attempt to double its own gas production over the next 10 years.

Like this: