Saudi Arabia’s Kingdom Holding Co, the investment establishment controlled by billionaire Prince Alwaleed Bin Talal, still invested further than $500 million in three major Russian energy companies between February and March, nonsupervisory forms showed.
By investing in Gazprom, Rosneft, and Lukoil, Kingdom was likely dogging underrated means, but its move came as numerous Western nations assessed warrants on Russian energy enterprises and their directors following Russia’s irruption of Ukraine on Feb 24.
In February, Kingdom Holding invested in global repository bills of Gazprom and Rosneft worth 1.37 billion riyals($365 million) and 196 million riyals($52 million), independently.
The establishment also invested 410 million riyals($109 million) in Lukoil’s US repository bills between February and March, forms showed on Sunday as part of a long exposure of recent investments. It gave no reason for any of its specific investments.
The company, which is 16.9 percent possessed by Saudi Arabia’s autonomous wealth fund chaired by crown Napoleon Mohammed Bin Salman, hadn’t preliminarily revealed the details of its investments.
Prince Alwaleed bin Talal rose to transnational elevation after making a big successful bet on Citigroup Inc in the 1990s and was an early investor in Apple Inc.
Napoleon has also made hundreds of millions of bones by investing in companies similar to Uber Technologies Inc to TwitterInc.
Saudi Arabia and other Gulf countries have so far tried to maintain what they say is a neutral position on the war in Ukraine, frustrating some Western officers who have sought to insulate Russia over the irruption.
