Economy

Russia Signs $3 Billion Arms Deal With Saudi Arabia

Russia Signs $3 Billion Arms Deal With Saudi Arabia”

In 2016, HE Novak visited Saudi Aramco when he visited the Kingdom and met with HE Khalid Al-Falih, minister of energy, industry, and mineral resources, Saudi Arabia, and chairman, Saudi Aramco, and discussed topics of mutual interest.

Saudi Aramco is keen to expand its refining sector, trading operations and development of LNG projects with Russian companies, the company's CEO Amin al-Nasser said Thursday during Saudi King Salman's landmark visit to Moscow.

On the Syrian issue, Al-Jubeir said, "We are closely working with Russian Federation to unite the modern Syrian opposition, expand its influence to enable it to enter the political process in Geneva".

Saudi Arabia is competing with Iraq to be India's top oil supplier, with Iraq displacing it for a fifth month in a row in August, data compiled by Reuters showed.

A separate $10 billion joint investment fund would support Russian projects in various sectors.

The forum will serve as a strategic platform for Saudi Aramco to promote its initiatives in supporting Saudi Vision 2030, and the industrial localisation programme - In-Kingdom Total Value Add (IKTVA) - which can potentially attract Russian market-leading companies to offer skills development and technological expertise. The king may also seek assurances that Iran will not have a permanent role in Syria.

Saudi Arabia and Russia are planning to set up a $1bn fund for investment in technology, according to Russian Direct Investment Fund (RDIF). The two companies are considering joint projects in oil refining in both Russia and overseas, as well as trading, according to the Russian energy minister.

MOU with LITASCO - Trading Collaboration: The MoU will see collaboration with Swiss-based LITASCO (the global marketing and trading arm of Lukoil - one of Russia's largest oil companies) which will give Saudi Aramco and the kingdom access to Mediterranean refineries where Russian companies have been expanding.

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. 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.



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