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lakeelmoleader.com December 13, 2017


Russian and Saudi trade ministries sign memorandum of understanding

06 October 2017, 12:40 | Kara Nash

Russian and Saudi trade ministries sign memorandum of understanding

Russian and Saudi trade ministries sign memorandum of understanding

The Saudi king will stay in Moscow till October 7.

As Saudi Arabia's King Salman embarked on a historic four-day visit to Russian Federation, the whole world is keenly following the developments.

Salman and his retinue looked on in confusion for several moments, before the 81-year-old king began to descend the staircase step by step.

The talks took place against a hard political backdrop.

LONDON, Oct 5 (Reuters) - Oil prices steadied on Thursday on expectations that Saudi Arabia and Russian Federation would extend production cuts, although record USA exports and the return of supply from a Libyan oilfield dragged on the market. "Saudi Arabia's position is among the worst of the Gulf Cooperation Council countries", he added.

Tass reported that Moscow is hoping Saudi Arabia investment in Russian Federation will surpass $1 billion after the visit.

Oil traded near $50/bbl in NY as traders weighed a flood of USA crude exports against the possibility of extended production cuts by OPEC and Russian Federation. The agreement regulated actions between oil producing countries to cut their oil output, which made it possible to stabilize oil prices on the world market after their considerable decline.

Russian Federation said on Wednesday it had critically injured a leader of the Tahrir al-Sham militant group, Abu Mohamad al-Golani, with an air strike in Syria that also killed 12 of his field commanders. Saudi Arabia is one of the biggest spenders in the world. Total volume traded was 35% below the 100-day average.

The two leaders signed a MoU to establish an investment platform in the oil sector, an investment platform in the technology sector, as well as a MoU to implement a cultural program between the two countries.

UP Government Asks Rahul Gandhi To Reschedule Amethi Visit
He said Shah having this information shows the "special privilege the latter enjoys" in the present regime. I believe we should have a good mix between the old and the new while one must keep changing", Pilot said.

Saudi Arabia is now investing over $1 billion in over 20 Russian projects including the construction of a petrochemical complex and Pulkovo Airport in St Petersburg, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.

King Salman's visit to Russian Federation has been widely interpreted as a sign of Russia's growing influence in the Middle East.

Furthermore, the two countries have signed a number of lucrative deals paving the way for the further development of the Russo-Saudi relationship. However, no contracts have been signed yet.

In July, Rostec CEO Sergei Chemezov announced the signing of a preliminary agreement in the field of defense cooperation between the Russian Federation and Saudi Arabia in the amount of 3.5 billion United States dollars.

A frame grab taken from footage released by Russia's Defence Ministry November 26, 2015, shows a Russian S-400 defense missile system deployed at Hmeymim airbase in Syria. The parties discussed packages of agreements worth up to $20 billion, but no solid contracts were signed.

Falih said this week's visit by King Salman to Russian Federation, the first by a Saudi monarch, showed the high level of mutual trust between the world's two biggest oil producers.

"This is a landmark event", Mr Putin said in televised comments before the meeting at the Kremlin's opulent St Andrew's Hall.

"We have seen a steady reduction in inventories".



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