Thursday, 19 October, 2017

Saudi King Salman arrives in Russian Federation for first visit

Saudi king to make historic visit to Russia MOSCOW Petroleumworld 10 04 2017
Lillian Steele | 07 October, 2017, 00:44

Clean energy produces about 84 percent of electricity in Russia for the moment and the figure is expected to reach 90 percent by 2035, Russian President Vladimir Putin said Wednesday.

Saudi Arabia's ministry of information called the visit by 81-year-old Salman "historic" as it would be the first official visit to Russian Federation by a Saudi monarch.

But relations have been improving between the two nations with an energy pact forged a year ago when 24-oil exporting countries, including Saudi Arabia and Russian Federation - the two largest oil exporting nations - agreed to cut output to halt the downward drift of the oil price. The agreement was due to expire in March 2018.

The two countries also signed a series of multi-billion dollar investment deals including one to create a USD 1 billion fund to pursue energy projects.

On Tuesday, Putin had said that Russian Federation is ready to cooperate with the United States on the basis of equality. "In addition to OPEC, we have an intergovernmental commission for trade and economic cooperation", the minister noted.

The foreign minister of the Kingdom of Saudi Arabia confirmed that the Kingdom supports the efforts of the UN envoy to Yemen to find a solution based on the GCC initiative, the Yemeni national dialogue outcomes and the UN Security council resolution 2216.

"I'm sure your visit will boost the ties between our countries", Putin added.

The kingdom, much like Russian Federation, has been hit by the fall in oil prices since mid-2014. It was about cementing a wider business relationship.

At the GECF meeting in Moscow, oil ministers from Qatar, Algeria, Russia and Iran, as well as delegates from Oman, Venezuela and Libya participated. An oversupplied market past year, brought on by USA oil production and OPEC members working to defend market shares with more output, helped pushed the price of oil below $30 per barrel.

The deals included preliminary agreements on the purchase of S-400 air-defense systems, Kornet antitank guided-missile systems, and multiple rocket launchers, according the state-owned Saudi Arabian Military Industries.

"This is an extremely important point", Peskov said.

"We believe that the unreasonable expectations that shale will somehow spring up at certain prices and grow exponentially has been proven to be way unrealistic".

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