Saudi Arabia’s Kingdom Holding invests in Russian energy companies

Aug 14 (Reuters) – Saudi Arabia’s state holdings (4280.SE) Invested in Russian energy group Gazprom (GAZP.MM)Rosneft (ROSN.MM) and Lukoil (LKOH.MM) Between February 22 and March 22, Twitter said on Sunday.

Following Russia’s invasion of Ukraine on February 24, several Western nations have imposed sanctions on Russian energy companies and their executives.

The Kingdom Holding investment comes as part of the company’s 12.8 billion riyal ($3.4 billion) three-year investment program, the company added.

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Kingdom Holding said it invested 1.37 billion riyals in Gazprom on February 22 and 196 million riyals in Rosneft 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% 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 Naira Abdallah; Edited by David Goodman and Hugh Lawson

Our Standards: Principles of Thomson Reuters Trust.

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