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Saudi king leaves for Moscow, crown prince in charge

05 October, 2017, 00:59 | Author: Kristen Ingram
  • Saudi Arabia moves in a more secular direction

Russian Federation would like Saudi Arabia to become a shareholder in the project but the source said there were also other roles the kingdom could take.

Saudi Arabia will allocate Russia $1 bln for joint energy projects, Russian Minister of Energy Alexander Novak said.

King Salman's visit, during which he will hold talks with President Vladimir Putin, is an endorsement of the ties between Russian Federation and Saudi Arabia, driven by common interests, including the restoration of stability in world oil markets.

"Experts say this visit is bigger than a mere protocol event already now and it should bring practical results since we stand in need of a discussion of many problems".

A Russian energy source told Reuters that a memorandum of understanding (MoU) was expected to be signed between Novatek and Saudi Arabia on a liquefied natural gas (LNG) project, known as Arctic LNG-2, that aims to start up in the 2020s.

In recent years a number of women activists were detained for getting behind the wheel in Saudi Arabia.

Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said on a press call that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their "unique technologies". The cuts have effectively bolstered prices and are expected to be extended.

Russia's Novak said Tuesday that oil exports would also be the focus of the Russia Energy Week 2017, which begins in Moscow on Wednesday.

There are also expectations that producers could discuss an extension to the deal to cut output beyond March 2018.

"In Moscow, we invite Egypt to participate in the OPEC+ agreement".

Saudi Arabia, the world's top oil exporter and the largest economy in the Middle East, has taken a series of austerity measures since oil prices collapsed in mid-2014.

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