Saudi Arabia and Russia are the leaders of the OPEC+ group, formed in 2017 between the Organization of the Petroleum Exporting Countries (OPEC) and its affiliated producers.
Kingdom Holding, a Saudi investment firm controlled by Prince Alwaleed bin Talal, invested more than $500 million (490.15 million euros) in three major Russian energy companies between February and March, the documents show.
In February, Kingdom Holding, which owns 16.9% of Saudi Arabia’s sovereign wealth fund headed by Crown Prince Mohammed bin Salman, invested 1.37 billion riyals (357.85) in international certificates of deposit of Gazprom and Rosneft. million Euros) and 196 million Rials respectively. According to financial documents filed on Sunday, the company invested 410 million riyals in Lukoil’s American Depositary Receipts between February and March.
Kingdom Holding did not disclose details of the investments, but the company will look for undervalued assets as many Western countries impose sanctions on Russian companies. Al Waleed bin Dalal’s investment style focuses on new opportunities that are profitable but involve risk, as well as spotting undervalued assets, a source familiar with Kingdom Holding’s affairs said in June.
Saudi Arabia and other Gulf states have so far said they are trying to maintain a neutral position in the war in Ukraine. Some Western officials are frustrated with efforts to isolate Russia economically after its invasion of Ukraine in February.
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