Aug 14 (Portal) – Saudi Arabia’s Kingdom Holding (4280.SE) invested in Russian energy groups Gazprom (GAZP.MM), Rosneft (ROSN.MM) and Lukoil (LKOH) between February 22 and March 22. MM), it said Sunday on Twitter.
Many Western nations have imposed sanctions on Russian energy companies and their executives following Russia’s February 24 invasion of Ukraine.
Kingdom Holding’s investments fall under the company’s three-year 12.8 billion riyals ($3.4 billion) investment program, the company added.
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Kingdom Holding said it invested 1.37 billion riyals in Gazprom and 196 million riyals in Rosneft as of Feb. 22, and 410 million riyals in Lukoil from Feb. 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% 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.
($1 = 3.7540 riyals)
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Reporting by Nayera Abdallah; Editing by David Goodman and Hugh Lawson
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