Saudi Aramco signs five agreements with Russian companies

Share
Saudi Aramco signs five agreements with Russian companies

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.

In what Russian Foreign Minister Sergey Lavrov called a "real turning point", however, Saudi King Salman has visited Russia, and come out with a $3 billion arms deal.

"Even 12 months ago, Riyadh was highly critical of Russia's involvement in Syria and the relationship looked as frozen as ever", said Chris Weafer, senior partner at economic and political consultancy Macro-Advisory Ltd.

Russian Federation and Saudi Arabia haven't always been on the best of terms, with the Saudis long in the USA sphere of influence.

A separate $10 billion joint investment fund would support Russian projects in various sectors. Aramco also signed an MOU with the Russian gas company Gazprom to develop a business portfolio in global upstream gas.

"Today that has changed 180 degrees. This visit is meant to make sure it stays on track". Having to compete with Russian Federation in future sales will likely be unwelcome news.

Any discussion of the oil market and the efficacy of moves to prop up prices by cutting supply will be closely watched.

Moscow said last month it had discussed with Riyadh extending the deal but no specific decisions had been made ahead of a November 30 producers' meeting in Vienna. 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.

Gazprom Neft has signed a Memorandum of Cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in the oil and gas industry.

He said he also saw "trading crude [and] products, storage, swaps [and] shipping" as "a huge opportunity" for collaboration between Saudi Arabia and Russian Federation.

He said the two sides discussed the issue of terrorism and extremism, and the Palestinian issue and underscored the importance of finding a solution to it based on the pillars of worldwide legitimacy, the Arab peace initiative which aims at establishing a Palestinian state on the 1967 parallel, with eastern Al-Quds as its capital. 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.

Leading oil companies of the world continue to eye investment opportunities in the country's oil and gas sector.

Share

Advertisement

Related Posts

Kim Jong-nam murder suspects' clothes had VX agent on it
However, Dr Raja warned that viewing the shirt in an open space was risky as the VX nerve agent's presence might be still active. A lot of them wore gloves and masks as a safety precaution after prosecutors warned the VX-tainted items may still be unsafe .

MTV EMAs 2017: Wanna One, Mamamoo up for Best Korean Act
This year the Best Male and Best Female categories will be retired and replaced with the Best Artist category. If you stand for Babes or Nasty C, you can vote for your fave, as the winners will be decided by the fans.

Las Vegas shooter booked rooms at Chicago hotel during music festival
This new disclosure suggests that Paddock might have been planning an attack months before the massacre in Las Vegas. Investigators saye he also had a plan to survive the shooting and try to escape, though would not say how.

SEBI: Mutual funds divided into five categories
Hybrid schemes will have six categories. "From a pure cost point of view, it makes more sense for AMCs to consolidate schemes". For instance, equity schemes will have 10 sub-categories including multi-cap, large-cap, and mid-cap.

Crude Oil Prices Rebound After Larger-Than-Expected Drop in US Stockpiles
US West Texas Intermediate (WTI) crude fell 2.95%, settling at United States dollars 49.29, breaking a four-week winning streak. WTI dropped in price very day except Thursday, when it rose by 81 cents and set a week high.

Blueknight Energy Partners LP (NASDAQ:BKEPP) Experiences Lighter than Usual Trading Volume
The share price of Spectra Energy Partners, LP (NYSE:SEP) was up +0.80% during the last trading session, with a day high of 45.23. This cash is what a company uses to meet its financial obligations, such as making payments on debt or to pay out dividends.

Ferrari's Sebastian Vettel rejects fears of gremlins in Japanese GP
This is an exciting race with genuinely the three leading teams all hoping they can win. I love this race track and the fans are also fantastic .

Pioneer Investment Management Inc. Has $222.19 Million Position in US Bancorp (USB)
A month ago, they told us to expect earnings of US$0.19 per share while three months ago their EPS consensus estimate was US$0.18. Analysts believe that the company has the potential to earn average revenue of $5.6 Billion for the current quarter.

(ADP), EnteroMedics Inc. (ETRM)
Grisanti Capital Management LLC boosted its holdings in Automatic Data Processing by 4.5% during the first quarter. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion.

Pulisic central midfield vs Panama; Besler, Gonzalez in back
Pulisic, playing his first global match since turning 19 last month, had been at wide midfield in the September qualifiers. Pulisic jumped to avoid defender Roman Torres' challenge and used the outside of his right foot to play the ball forward.

© 2015 ExpressNewsline. All Rights reserved.