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Moscow offers Saudis stake in Arctic energy project

Moscow offers Saudis stake in Arctic energy project

"Material successes in investment cooperation between Russian Federation and the Kingdom of Saudi Arabia were discussed at the meeting in particular, along with implementation of specific projects between the RDIF, the Public Investment Fund (PIF) and Saudi Aramco", the press service said.

Russian Federation and Saudi Arabia are expected to finalise a major agreement in the LNG sector as the oil market's biggest producers look to boost their co-operation in the face of growing prominence of the USA shale sector.

Russia is seeking to finalise multi-million-dollar investment deals with Saudi Arabia in the next three months including partnerships with state oil giant Aramco, Russia's top state investment officer said on Wednesday.

To access our premium content, you or your organisation must have a paid subscription. Following their meeting, a memorandum on energy cooperation was signed. While Al-Falih said that he did not rule out buying LNG from Russian Federation, at present he did state that it was not the most economical option.

Saudi officials have claimed that Aramco is worth US$2 trillion, so a 5-percent stake sale could fetch the Kingdom as much as US$100 billion.




Russian Federation and Saudi Arabia have continued to boost economic ties, and oil ties as well, with the cooperation in the OPEC/non-OPEC production cut deal.

Russian Energy Minister Alexander Novak also said Wednesday that he discussed his country's involvement in possibly developing two nuclear reactors in Saudi Arabia by 2019.

Russian Federation and Saudi Arabia agreed at a meeting Wednesday in Riyadh to cooperate to help stabilize oil markets.

In June 2016, Saudi Deputy Crown Prince Mohammed bin Salman, Chairman of the Riyadh-based MiSK Foundation for charity, inked a cooperation deal with Bill Gates, the co-chair of the Bill and Melinda Gates Foundation.


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