Saudi Arabia plans to announce a raft of deals in energy and base metals on Tuesday as it tries to spotlight its annual investment conference, an event overshadowed by international outrage over the killing of a journalist critical of the government.
The deals include agreements with French oil giant Total SA, commodities trading house Trafigura Group and several Chinese and South Korean companies, according to people familiar with the situation, who asked not to be identified because the matter hasn’t been officially disclosed.
Some of the deals totalling about $50 billion have already been announced, while others mark progressive steps on existing agreements. A few of the announcements are for new ventures. Trafigura declined to comment, and Total didn’t immediately respond to an email seeking comment.
Khaldoon Al Mubarak, Group CEO & MD, @Mubadala: “When we started investing in Russia it was a difficult time with a lot of institutions leaving. We decided it was a good time to move in and we were successful. The message is: opportunity comes when there are challenges.” #FII2018 pic.twitter.com/3KORPJ9eWb— Future Investment (@FIIKSA) October 23, 2018
The three-day Future Investment Initiative (FII) began amid tight security at Riyadh's Ritz-Carlton hotel, with Russian Direct Investment Fund chief Kirill Dmitriyev, the CEO of French energy giant Total Patrick Pouyanne and Pakistani Prime Minister Imran Khan, among the confirmed speakers listed by organisers for the opening day.
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