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Saudi Aramco signs deal for 30.76% stake in Russian submersible pumps provider

State-owned oil giant Saudi Arabian Oil Co., or Saudi Aramco, along with the Public Investment Fund of Saudi Arabia and the Russian Direct Investment Fund signed a share purchase agreement Oct. 14 to acquire JSC RUSNANO's 30.76% stake in Russian company Novomet, which provides and manufactures submersible pumps, for an undisclosed amount.

The transaction is expected to close in early 2020, subject to regulatory approvals and closing conditions, according to an Oct. 14 news release from Saudi Aramco.

Saudi Aramco also signed memorandums of understanding with nine Russian companies as part of its upstream strategy. Functions covered by the agreements include exchanging technical knowledge for oil applications and localizing fiberglass rebar.