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UAE’s Mubadala Takes Stake in Subsidiary of Russia's Gazprom

Part of the oil fields involved in the joint venture. Asharq Al-Awsat
Part of the oil fields involved in the joint venture. Asharq Al-Awsat
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UAE’s Mubadala Takes Stake in Subsidiary of Russia's Gazprom

Part of the oil fields involved in the joint venture. Asharq Al-Awsat
Part of the oil fields involved in the joint venture. Asharq Al-Awsat

UAE’s Mubadala Petroleum and the Russian Direct Investment Fund, RDIF, announced on Thursday the creation of a joint venture with PJSC Gazprom Neft to develop several oil fields in the Tomsk and Omsk regions of Siberia (northeast of Russia).

Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, Mubadala, and RDIF, the sovereign wealth fund of Russia, will acquire a 49 percent equity stake in LLC Gazpromneft-Vostok, the operator of the fields.

Mubadala Petroleum will hold a 44 percent interest and RDIF will hold the remaining 5 percent interest. Completion of the transaction is subject to customary regulatory and internal approvals.

The deal was announced at the St. Petersburg International Economic Forum (SPIEF).

Mubadala Investment Company has acquired a 44 percent stake worth at least $271 million in the oil subsidiary of Gazprom, the Russian company said.

Proved and probable reserves of hydrocarbons in the fields are about 40 million tons (approx. 300 million barrels). The Russian oil subsidiary's combined production was at 1.64 million tons in 2017.

Dr Bakheet Al Katheeri, CEO of Mubadala Petroleum, said: "This investment marks a further step in our long-term growth strategy and sees Mubadala Petroleum’s entry into Russia."

"Through this new partnership with RDIF and Gazprom Neft, one of Russia’s leading operators, we will not only share but also further build on our expertise and capabilities in oil and gas while adding significant oil production to our existing oil and gas portfolio," he said.

As for Kirill Dmitriev, CEO of RDIF, he said: "RDIF and Mubadala Petroleum investment in a joint venture with Gazprom Neft brings the experience and expertise of our Middle East partners to the Russian oil and gas sector. RDIF, Mubadala Petroleum and Gazprom Neft see this project as the first step in creating a consortium to pursue further significant investments in the sector."

The Chairman of Gazprom Neft, Alexander Dyukov, also stated that the company has vast experience in setting up joint ventures with international partners. “But for the first time one of the largest investment funds of the UAE has invested in the Russian assets of Gazprom Neft.

"This transaction is of great importance, not only for our company, but for the whole industry," he added.

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IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
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IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.

The International Monetary Fund warned on Friday that risks related to trade tensions continue to cloud the global economic outlook and uncertainty remains high despite some increased trade and improved financial conditions.

IMF First Deputy Managing Director Gita Gopinath said the fund would update its global forecast later in July given "front-loading ahead of tariff increases and some trade diversion," along with improved financial conditions and signs of continued declines in inflation.

In April the IMF slashed its growth forecasts for the United States, China and most countries, citing the impact of US tariffs on imports now at 100-year highs and warning that rising trade tensions would further slow growth.

At the time, it cut its forecast for global growth by 0.5 percentage points to 2.8% for 2025, and by 0.3 percentage points to 3%. Economists expect a slight upward revision when the IMF releases an updated forecast in late July.

According to Reuters, Gopinath told finance officials from the Group of 20 major economies who met this week in South Africa that trade tensions continued to complicate the economic outlook.

"While we will update our global forecast at the end of July, downside risks continue to dominate the outlook and uncertainty remains high," she said, in a text of her remarks.

She urged countries to resolve trade tensions and implement policy changes to address underlying domestic imbalances, including scaling back fiscal outlays and putting debt on a sustainable path.

Gopinath also underscored the need for monetary policy officials to carefully calibrate their decisions to specific circumstances in their countries, and stressed the need to protect central bank independence. This was a key theme in the G20 communique released by finance officials.

Gopinath said capital flows to emerging markets and developing economies remained sluggish, but resilient, in the face of increased policy uncertainty and market volatility. For many borrowers, financing conditions remained tight.

For countries with unsustainable debt, proactive moves were essential, Gopinath said, repeating the IMF's call for timely and efficient debt restructuring mechanisms.

More work was needed on that issue, including allowing middle-income countries to access the G20's Common Framework for Debt Restructuring, she said.