Cairo - Decypha: Mubadala, the Russia-China Investment Fund (RCIF), and Abu Dhabi's state fund, are considering buying a minority stake in Eurasia Drilling Company (EDC), Russia's largest drilling company by metres drilled, reported the Edge Market.
The Russian Direct Investment Fund and China Investment Corporation were looking to team up with Mubadala to buy around 13-15% of EDC's new shares, An unnamed source told Reporters.
The value of the deal is not yet known. EDC would use the proceeds from the potential deal for development. Russia is the world's top oil producer, but the bulk of its fields are ageing and require new technologies.
EDC is controlled by Chief Executive Officer Alexander Djaparidze, who has a 30.2 % stake, and his business partner Alexander Putilov, who holds a 22.4% stake.
