Saudi Arabia, new investments of 500 million in Russian Gazprom, Lukoil and Rosneft after the start of the war in Ukraine

Kingdom Holding, a Saudi fund controlled by the prince Alwaleed Bin Talal invested 500 million dollars (493 million euros) in the three main Russian energy companies namely Gazprom, Rosneft and Lukoil. The agency reports it Reuters which indicates how the operations have been completed between February and March past that is to war in Ukraine already started. The Kingdom fund is participated in the 16.9% from the Saudi sovereign fund headed by the crown prince Mohammed Bin Salman. Recently Bin Salman, whom the CIA has indicated as the instigator of the assassin of the dissident journalist Kamal Khashoggi in 2018, he met with the US president Joe Biden visiting Arabia. Biden has called for an increase in Saudi oil production to stem the rise in crude oil prices also favored by the war. However, Riyadh’s response has so far been lukewarm.

Like other Gulf states, Arabia is also trying to maintain a position of equidistance in the new scenario. For now it seems to be supporting Moscow in some way, as the Kingdom Holding investment most recently demonstrates. The Russian president Vladimir Putin and Mohammed Bin Salman have had several talks several times since the start of the war. Both countries worked together within the group of oil producers Opec + to manage the supply of crude oil. Arabia, the world’s largest oil exporter, recently bought cargoes of Russian oil taking advantage of below-market prices. Russian oil was used to power power plants, freeing up additional quantities of Saudi crude for refining and sale abroad. The Kingdom fund he also owns stakes in US companies Uber, Twitter and Citigroup bank and was one of Apple’s first shareholders. He has stakes in the French Total, in the Australian group Bhp. In the meantime, the record collections guaranteed by energy prices have enabled the Saudi sovereign fund to invest others 7.5 billion dollars in shares of US companies such as Amazon, JPMorgan Google (Alphabet), BlackRock and Microsoft Corp. Each investment is worth between $ 400 and $ 500 million.


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