Saudi fund invested $500 million in Russian oil after Ukraine invasion

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Saudi Arabia’s Kingdom Holding, an investment firm controlled by billionaire Prince Alwaleed Bin Talal, quietly invested more than $500 million in three major Russian energy companies between February and March, they show. regulatory documents.

Investing in Gazprom (GZPFY), Rosneft and Lukoil, or the Kingdom, was likely looking for undervalued assets, but its move came as many Western nations imposed sanctions on Russian energy companies and their executives following the Russian invasion of Ukraine on Feb.

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Saudi Arabia and other Gulf states are now trying to maintain what we say is a neutral stance on the war in Ukraine, frustrating some Western officials who are trying to isolate Russia because of the invasion.

Kingdom in February invested in Global Depository Receipts from Gazprom and Roseneft worth US$365 million and US$52 million, respectively.

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The company also invested $109 million in Lukoil’s U.S. deposit receipts between February and March, according to a document released Sunday as part of a lengthy disclosure of recent investments. The company gave no reason for its specific investments.

Kingdom Holding, which is 16.9% owned by Saudi Arabia’s sovereign property chaired by Crown Prince Mohammed Bin Salman, had not previously disclosed the details of its investments.

Prince Alwaleed bin Talal rose to international prominence after making a big bet that took place at Citigroup in the 1990s and was one of Apple’s first two investors.

The prince also made hundreds of thousands of dollars investing in companies like Uber and Twitter.

Alwaleed’s investment style is focused on new opportunities that can be profitable, riskier, as well as pursuing undervalued assets, conceived in conjunction with a source with knowledge of two Kingdom businesses.

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

Source: CNN Brasil

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