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Kingdom Holding invests in Russian energy companies

Saudi group said it invested SR1.37 billion in Gazprom and SR196 million in Rosneft on February 22, and SR410 million in Lukoil from February 22 to March 22

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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 SR12.8 billion ($3.4 billion) three-year investment programme, the company added.

Kingdom Holding said it invested SR1.37 billion in Gazprom and SR196 million in Rosneft on February 22, and SR410 million 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 per cent stake in the company in May.

Saudi Arabia and Russia lead the Opec+ group, an alliance formed in 2017 between the Organisation of the Petroleum Exporting Countries (Opec) and allied producers. — Reuters