Aramco, Gazprom Neft sign joint-study MOU

Oct. 15, 2019
Saudi Aramco and Gazprom Neft have signed a memorandum of understanding to exchange technical knowledge for oil applications and identify technical studies of interest to both companies.

Saudi Aramco and Gazprom Neft have signed a memorandum of understanding to exchange technical knowledge for oil applications and identify technical studies of interest to both companies.

The agreement was one of nine MOUs Aramco signed with Russian companies during a state visit by Russian President Vladimir Putin to Riyadh, where he met with Crown Prince Muhammad bin Salman. The other MOUs covered equipment and services.

Aramco, the Public Investment Fund of Saudi Arabia, the Russian Direct Investment Fund, and Rusnano also signed a confirmation agreement for a share purchase agreement covering Rusnano’s 30.76% share in Novomet, a Russian service provider and manufacturer of electrical submersible pumps.

An Aramco press release cited the company’s “evolving strategic relationship with Russian companies.”

Putin was to make a state visit to the United Arab Emirates on Oct. 15.