June 1, 2017 / 4:31 PM / 6 months ago

Russia, China, M.East funds agree Eurasia Drilling investment

MOSCOW, June 1 (Reuters) - A consortium of Russian, Chinese and Middle Eastern funds have agreed the principal terms of an investment in Eurasia Drilling, the Russian Direct Investment Fund (RDIF) said in a statement on Thursday.

The consortium consists of RDIF, the Russia-China Investment Fund (RCIF), which was established by RDIF and the China Investment Corporation, as well as unnamed Middle Eastern co-investors.

The RDIF statement said “further details will be provided upon signing of the transaction documentation”.

Eurasia Drilling is Russia’s largest oilfield services company by metres drilled. The sovereign funds are thought to be interested in taking a minority stake of 13-15 percent.

Sources close to the talks told Reuters in March that RCIF and Mubadala, Abu Dhabi’s state fund, were considering buying a minority stake in Eurasia Drilling.

Reporting by Polina Devitt; Writing by Vladimir Soldatkin; Editing by Alexander Winning

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