Russia’s Direct Investment Fund (RDIF) is hammering out a deal to supply pumping equipment to Saudi Aramco, CEO Kirill Dmitriev told Russian media outlets.

In an interview with Russia’s Rossiya 24 TV station, Dmitriev said that Saudi Aramco “is a very important partner” of the Russian sovereign wealth fund.

“Right now, we have finalised the main parameters of the Novomet deal to supply Russian-made pumping equipment to Saudi Aramco and other companies, and Saudi Aramco will become an investor in this project,” he said.

Adding, Dmitriev said that a number of potential investments for Saudi Aramco in Russia are currently being considered.

“There is a chance to attract billions of dollars from Saudi Aramco into Russia,” he said.
In an earlier interview with Russia’s state-run TASS news agency, Saudi energy minister Khalid Al-Falih said that Saudi Aramco and the kingdom’s Public Investment Fund are close to investing in drilling equipment manufacturer Novomet and in the Eurasia Drilling Company.