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Published: Sat, October 07, 2017
Economy | By Melissa Porter

Aramco participates in King Salman's Russian Federation visit, explores bilateral energy investments

Aramco participates in King Salman's Russian Federation visit, explores bilateral energy investments

The military agreement concurs with a $1bn Fund agreement for energy investment and a $1.1 billion agreement for Russia's petrochemicals giant Sibur to build a plant in Saudi Arabia signed between the two countries.

A Saudi-Russian cooperation committee headed by Russian Minister of Energy Alexander Novak is expected to visit the kingdom at the end of this month to strengthen relations of cooperation and coordination between the two ministries. 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.

An MOU was also signed with LITASCO, the Swiss-based global and marketing arm of Lukoil, one of Russia's largest oil companies.

During this week's visit to Russia, the Saudi King has already met with Russian President Vladimir Putin and Prime Minister Dmitry Medvedev.

He was speaking at a panel discussion at the Saudi-Russian Business Investment Forum organised by the Saudi Arabian General Investment Authority (Sagia), the Council of Saudi Chambers, and the Russian Direct Investment Fund (RDIF).

The minister also introduced Saudi Arabia's Vision 2030 to his Russian counterparts, which aims quadruple the contribution of the mining sector to the GDP.

"There are significant opportunities in a number of these areas for collaboration between Saudi Aramco and leading Russian companies".

"Yandex is an interesting company for us because it is already present in the Middle East and Turkey and it has a search engine that beats Google in the Russian market by a large margin", Dmitriev said. The parties also plan to discuss perspectives for collaboration in research and development and experimental engineering works, as well as options for applying innovative solutions to a wide range of technological challenges.

He also highlighted Saudi Aramco's industrial localisation program In-Kingdom Total Value Add, or iktva, as another area of opportunity for Russian services and manufacturing companies to collaborate with Saudi partners.

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