Russia to team up with China in Aramco IPO bid | WHAT REALLY HAPPENED


Russia to team up with China in Aramco IPO bid

Russia says it plans to participate in the initial public offering of the shares of Saudi Arabia’s energy giant Aramco in partnership with a joint investment fund China.

Kirill Dmitriev, chief executive officer of the Russian Direct Investment Fund, was quoted as saying by media that several Russian banks would also join the scheme which could proceed later this year.

“Not only this, but we have a Russia-China investment fund, and through that Russia-China investment fund we see a major interest in the Aramco IPO from a number of leading Chinese institutions,” Dmitriev told reporters, Bloomberg reported.

“We see significant interest to invest in the Aramco IPO from Russia, from China, and we believe that this is very good for, once again, thinking jointly about oil.”

Saudi Crown Prince Mohammed bin Salman announced last year that the kingdom was considering listing about 5 percent of Aramco in 2018 in a deal that could raise $100 billion, if the company is valued at about $2 trillion as hoped.

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