Saudi Arabia to allocate Russian Federation $1 bln for joint energy projects

Oct 07, 2017, 00:32
Saudi Arabia to allocate Russian Federation $1 bln for joint energy projects

Oil prices steadied on Thursday on expectations that Saudi Arabia and Russian Federation would extend production cuts, although record US exports and the return of supply from a Libyan oilfield dragged on the market.

Russian Federation and Saudi Arabia have been on opposing sides in the Syrian conflict, as Moscow supports the Assad regime, whereas Riyadh has openly supported the opposition.

Saudi King Salman is now in Russian Federation as part of a state visit, the first to Moscow by a reigning Saudi monarch.

On Thursday, Putin received the monarch in the gold-decorated St. Andrew Hall, one of the grandest spaces in the Kremlin, attended by soldiers in ceremonial dress and with an orchestra playing the two countries' national anthems.

"I am confident that your visit will serve as a good impetus for the development of our intergovernmental relations", he added.

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Russian President Vladimir Putin distanced himself from President Donald Trump on Wednesday, dismissing the USA president as a man he's met once but has no personal relationship with.

Putin said the agreement to cut oil production previous year between OPEC and non-OPEC countries could be extended beyond March 2018 but an announcement was unlikely before the next OPEC meeting in Vienna at the end of November.

Salman arrived in Moscow on Wednesday, and it was the first time a Saudi king has ever visited Moscow.

Russian Foreign Minister Sergei Lavrov in an interview has said that the visit of King Salman would contribute to stability in the Middle East.

Russian Energy Minister Alexander Novak hinted the agreement could be extended into summer 2018.

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Mercouris said the Saudi kingdom is facing difficulties in economic and political arenas, which have pushed Riyadh to ask Russia's assistance in dealing with their woes.

"We have already established eight research centres around the world that complement our main research facilities in Saudi Arabia", Nasser said at a panel discussion at the Saudi-Russian Business Investment Forum in Moscow on the sidelines of Saudi royal's visit to Russia. In 2015 the countries' sovereign wealth funds agreed to $10 billion in investments. The visit of 100 business man is planned to make 25 agreements in different areas, while King Salman is expected to sign a $3.5 billion weapons purchase agreement.

Putin said Russia had more reason than most to be concerned by Pyongyang's missile program, saying that North Korea's nuclear testing range was located just 200 kilometers (124.27 miles) from the Russian border.

Prince Mohammed's visit was reflected in the country's success to overcome the Syrian crisis.

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