“With the agreements, we want to develop many areas of economic and development… Strengthen trade relations,” he added. The agreements were signed during Russian President Vladimir Putin`s visit to Saudi Arabia. President Putin made a rare but high-profile visit to Saudi Arabia – his first in 12 years – accompanied by a large delegation of trade, security and defence agents. Bilateral agreements of more than $2 billion ($1.6 billion) and more than 20 agreements have been announced. JEDDAH: Saudi Energy Minister Prince Abdul Aziz bin Salman announced on Monday the signing of 20 agreements with Russia at the Saudi-Russian energy partnership meeting, as part of Russian President Vladimir Putin`s visit to the kingdom. At the signing of the new agreements, which took place in the presence of King Salman and Putin, the Minister of Energy stressed that oil would remain an essential element for the development of the world economy. Saudi Crown Prince Mohammed bin Salman and Russian Foreign Minister Sergei Lavrov also attended the ceremony. In addition to cultural cooperation and improved trade relations, the 20 agreements covered oil and other energy industries, space and satellite navigation, justice, health, tax administration, mineral resources, tourism and aviation. Prince Abdul Aziz said the two countries have begun a new phase of cooperation in many areas of development.
The Minister stressed the important role of Saudi Arabia and Russia in stabilizing the global oil market and said: “The new OPEC cooperation agreement will strengthen cooperation and strengthen support for greater stability in the oil market.” Within the Saudi-Russian Joint Committee, we are working together to harmonize the reform plans of the Vision 2030 Kingdom, with its strategic objectives and Russia`s strategic development plans. The agreements were signed between the relevant government authorities and the sovereign wealth funds of both countries. The Minister added that state-owned enterprises and the private sector in both countries will make considerable efforts to achieve the objectives of these agreements. Financial expert Mohammed Al-Suwayed said: “Russia is an important strategic partner of Saudi Arabia.” He added that the joint efforts of the two countries would help manage the oil market: “Saudi Arabia is a member of OPEC and Russia is one of the main non-OPEC exporters. The alliance between the kingdom and Russia in the oil market helps to create harmony between oil producers inside and outside OPEC. The Russian Direct Investment Fund (RDIF) and the Saudi Agricultural and Livestock Investment Company signed an agreement to join forces in the search of investment projects in the Russian agricultural sector, RDIF said on Monday. In addition, several million dollars of investment contracts have been signed in the aerospace, culture, health and advanced technologies. Al-Suwayed said: “The Russian national asset fund is interested in investing in Saudi Arabia.
Recently, the company opened an office in the kingdom as the first international fund office outside Russia and has a clear plan to invest in different sectors. An official welcome ceremony was held on Monday in putin`s honour. During his meeting with King Salman, the Russian president said that the meeting was an additional boost for bilateral relations.