Economy

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

Aramco participates in King Salman's Russian Federation visit, explores bilateral energy investments”

Mr Nasser said at a panel discussion at the Saudi-Russian Business Investment Forum in Moscow during Saudi Arabia's royal visit to Russia.

"The brighter prospects for Brent amid decline of oil stocks in the U.S. and expected extension of the OPEC+ agreement on the output cut have become the positive drivers for the Russian stock market", BCS investment bank said in a note.

Russia's energy giant Gazprom and Saudi Aramco have signed a memorandum of understanding on cooperation in gas projects, including in production of liquefied natural gas (LNG), according to a Gazprom press release published on Friday.

Following the talks, Saudi Arabian Military Industries (Sami) said it signed agreements with Russia's state arms trader, Rosoboronexport, for the purchase of cutting-edge Russian weapons, including the long-range S-400 air defence missile systems.

This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

Quoting multiple sources, a news wire Reuters report said that "Saudi Aramco will open an Indian subsidiary next week, as the global oil exporter looks to tap rising demand and invest in the world's third-biggest consumer".

SAMI says that the agreements also include educational and training programs for Saudi nationals to ensure the sustainability and development of the military industries sector in Saudi Arabia.

Salman said he was looking to expand relations with "friendly nation" Russian Federation "in the interests of peace, security and development of the world economy". 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. One such deal involves joint oil research between Aramco and Gazprom Neft. "And there is a lot that can be done with Russian companies".

His son, Prince Mohammed bin Salman, visited in May just before his elevation to crown prince, and in 2015 the countries' sovereign wealth funds agreed to $10 billion in investments.

Meanwhile, Amin H Nasser, Saudi Aramco president and CEO said the rich endowment of resources of both Saudi Arabia and Russian can enable companies from both countries to collaborate in creating synergies for a sustainable energy future with business and operational initiatives driven by technology, research and innovation.



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