Published: Thu, October 05, 2017
Global News | By Stacy Ballard

Saudi Aramco to increase Russian ties

Saudi Aramco to increase Russian ties

Saudi Arabia's King Salman left on Wednesday for an official trip to Russian Federation where he is set to meet President Vladimir Putin for talks on oil production and regional policy, state television said.

The two leaders will discuss bilateral relations and means to boost cooperation in various fields, in addition to reviewing regional as well as worldwide issues of mutual interest.

Saudi Arabia will allocate Russia $1 bln for joint energy projects, Russian Minister of Energy Alexander Novak said.

The signing of the agreements comes on the sidelines of the Saudi monarch's visit to Russian Federation.

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Riyadh has resorted to the global and domestic debt markets as it struggles to adapt to lower crude prices, and has withdrawn around $245 billion from its fiscal reserves over the past three years.

Croft said that King Salman's visit to Russian Federation was "a total continuation of the trend that we discussed in this report".

Saudi Arabia's main sovereign wealth fund, the Public Investment Fund has already invested in the SoftBank Vision Fund, a technology-focused private equity fund established with the Japanese company and other big investors.

Salman will meet President Vladimir Putin on Thursday and they are expected to discuss extending oil production cuts ahead of the OPEC oil cartel meeting in November.

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The Kremlin said ahead of the visit that Salman and Putin will discuss "the situation in the Middle East and North Africa, especially focusing conflict situations in the region".

He also stressed that cooperation between the two countries is not limited to the OPEC+ agreement.

King Salman's visit, during which he will hold talks with President Vladimir Putin, is an endorsement of the ties between Russian Federation and Saudi Arabia, driven by common interests, including the restoration of stability in world oil markets.

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