Saudi Aramco signs five agreements with Russian companies

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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.

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