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Aramco participates in King Salman's Russia visit, explores bilateral energy investments

07 October, 2017, 00:45 | Author: Kristen Ingram
  • Saudi king to make historic visit to Russia

Cooperation between Saudi Arabia and Russian Federation has "breathed life back into OPEC" and made the country more optimistic about the outlook for oil than it has been for several years, said the kingdom's energy minister.

We had a certain reduction in trade between both nations, but I think that it was partly due to subjective reasons, Putin said.

"We are well aware that the development of cooperation between Russian Federation and Saudi Arabia serves not only our common interests but also stability in the region because Saudi Arabia is one of the most influential countries in the Middle East and the whole world", she stated. "Today we alone as the Russian Direct Investment Fund announced deals worth United States dollars 2.1 billion", said Kirill Dmitriyev, the head of the fund set up to attract investment.

Oil prices rose more than 2 percent on Thursday as signs Saudi Arabia and Russian Federation would limit production through next year outweighed record US exports and the return of production at a major Libyan oilfield. In coming period, cooperation between two countries is expected to strengn in field of defence industry.

Russian Foreign Minister Sergei Lavrov said the two leaders had a "friendly and substantial discussion based on a desire by Moscow and Riyadh to consistently grow mutually beneficial partnerships in all spheres".

Analysts say Salman's trip to Moscow is the clearest sign yet that Russia's strategy in the Middle East, including its high-risk show of military power in Syria, has paid off. Saudi Arabia had previously been opposed to the plan because it involves Iran.

Salman will meet President Vladimir Putin on Thursday and they are expected to discuss extending oil production cuts ahead of the OPEC oil cartel meeting in November.

King Salman has become the first sitting Saudi monarch to visit Russian Federation.

"Yes, we had a couple of phone conversations on various issues of mutual interest, including Syria", Putin said.

Salman also told Putin he hoped to see "a Palestinian state with East Jerusalem as its capital" established in the future, as a solution to the Israeli-Palestinian conflict.

Almost a year into the production-cut deal that brought together major OPEC and non-OPEC oil producers, Oil Minister Bijan Namdar Zanganeh said there was no pressure on Iran to join the cuts.

The Russian Direct Investment Fund (RDIF) will also sign an MoU with Aramco and Saudi's Public Investment Fund (PIF) for investments in energy services and manufacturing, one of the sources said.

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