Energy Saudi Arabia’s Kingdom Holding invests in Russian energy firms By Reuters August 15, 2022, 5:36 AM Creative Commons Many Western nations have imposed sanctions on Russian energy firms and their executives following Russia's invasion of Ukraine on February 24 Investments fall within its $3.4bn three-year investment programmeTadawul-listed company invested in Gazprom, Rosneft and Lukoil Saudi Arabia’s Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil between February 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 February 24. The Kingdom Holding investments fall within the company’s 12.8 billion riyals ($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 February 22, and 410 million riyals in Lukoil from February 22 to March 22. 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 percent stake in the company in May. 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. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
