Saturday, 16 December, 2017

Saudi Arabia's King Salman Arrives Russia for First Visit

Saudi Arabia's King Salman Arrives Russia for First Visit Saudi Arabia's King Salman Arrives Russia for First Visit
Lillian Steele | 06 October, 2017, 00:39

Saudi Arabia wants oil-market stability given the planned share sale of its state-owned energy company Saudi Aramco, while Russian Federation will also favor prices over production, according to Schnider.

A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russian Federation. "Saudi Arabia's position is among the worst of the Gulf Cooperation Council countries", he added.

The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centerpiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman.

And a deal has also been reached for Russian Federation to supply Saudi with S-400 anti-aircraft missiles.

The leaders and high-level representatives are expected to tackle what has positioned them on opposing sides of a bloody warfare in Syria. Yet, pre-contract negotiations on the subject may commence should all necessary agreements are reached during King Salman's meeting with President Putin.

Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply.

King Salman of Saudi Arabia, OPEC's biggest producer, is due to meet Putin on Thursday.

The Saudi monarch's decision to visit Russian Federation, now of all times, marks a new shift in Riyadh's foreign policy, Vyacheslav Smirnov, director of the Scientific and Research Institute for Political Sociology, told Radio Sputnik.

RDIF head Kirill Dmitriev said his fund was interested in partnering with Saudi investors to acquire a minority stake in Russian oilfield services firm Eurasia Drilling.

The two countries also signed a series of multi-billion dollar investment deals including one to create a US$1 billion (S$1.3 billion) fund to pursue energy projects. "Do you feel that US allies are sort of moving away from the United States of America and going elsewhere, maybe forming new alliances?" a journalist asked.

The message of further joint Saudi-Russia action on output helped push up oil prices on Thursday.

"Today we see the market is in balance and we are seeing a return on investment in the industry", Novak said. If the Saudis make direct investments in Russian assets, this will undoubtedly show influence on the entire oil market.

"The Russians are looking to perpetuate their image of a leading power in the Middle East, while Riyadh is hedging its bets for regional partnerships at a time when the United States is scaling down its presence in the region".

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