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Kingdom Holding invests $3.4 billion in Russian companies

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Saudi Kingdom Holding Company announced on Twitter that it has invested in Russian energy companies “Gazprom”, “Rosneft” and “Lukoil”.

Its investments are part of the company’s three-year investment plan, which is 12.8 billion riyals ($3.4 billion).

Kingdom Holding said it invested 1.37 billion riyals in Gazprom, 196 million riyals in Rosneft and 410 million riyals in Lukoil.

Saudi Arabia and Russia lead the “OPEC+” group, which was formed in 2017 from the Organization of the Petroleum Exporting Countries (OPEC) and its affiliated independent producers.

Kingdom Holding is keen to diversify its investments as it recently announced an investment of 1.06 billion riyals, equivalent to 232.9 million pounds, in Phoenix Group, one of the UK’s largest insurance, savings and pensions companies.

Kingdom Holding’s investment in Phoenix Group is part of an investment plan announced on June 23, 2022, and the stake was recently increased to 3.79%.

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