The Russian Direct Investment Fund (RDIF) and Russia’s largest oil and gas companies have announced the creation of an investment fund to support projects in the field of import substitution and technology development in the oil and gas industry. This was announced at the Russian Energy Week forum.
The new fund will be financed on a parity basis by the state and private investors, while private companies commit to invest at least 1 billion rubles. The funds will be used to develop IT solutions, high-tech equipment and software, which will reduce dependence on foreign suppliers.
The RDIF reported that the portfolio of companies for investments has already been formed. It includes companies working in the field of seismic exploration, geophysical research and other critical technologies for the oil and gas industry.
Kirill Dmitriev, CEO of RDIF, noted that the fund will become the basis for a new ecosystem of technological cooperation, taking into account forecasts to increase the share of hard-to-recover oil reserves to 70% by 2050.