Medvedev to discuss joint investment projects with Saudi Arabian King

MOSCOW, October 6. /TASS/. Russian Prime Minister Dmitry Medvedev is due to meet in Moscow on Friday with Saudi Arabian King Salman bin Abdulaziz al Saud, who is paying a state visit to Russia. The Russian prime minister and the Saudi Arabian King will discuss joint investment projects between the two countries, the Russian cabinet’s press service said. "The sides will also discuss topical issues of bilateral cooperation in trade, economy, industry, energy, agriculture and other areas, and consider the implementation of major joint infrastructure projects," it said. The Saudi Arabian King arrived in Russia on a four-day visit on Wednesday evening. On Thursday, the monarch had talks in the Kremlin with Russian President Vladimir Putin. The sides exchanged views on international issues, focusing on the Middle East. They also confirmed plans to develop mutually beneficial cooperation in economy and other fields, and signed an extensive package of agreements after talks. Economic cooperation Almost 15 documents on cooperation in various areas were signed, ranging from space and nuclear power industry development to agriculture and cultural issues. The Russian Direct Investment Fund (RDIF) and Saudi Arabia’s Public Investment Fund (PIF) agreed to set up a platform worth $1 bln in investments in technological sector. Another platform for investments in energy will be created by these funds with participation of Saudi Arabia’s national oil and gas company, Saudi Aramco. Russia’s state corporation Rosatom and Saudi Arabia’s energy ministry signed a program of cooperation in nuclear energy industry for peaceful purposes. Rosatom has shown its interest in constructing Saudi Arabia’s NPP. Gazprom Neft and Saudi Aramco agreed to extend bilateral cooperation in oil and gas area, in particular in the development of drilling and wellwork technologies, enhancement of pumping systems and development of large-diameter non-metal pipes. According to Russian Energy Minister Alexander Novak, bilateral trade grew 50% over the past seven months reaching $430 mln, and in the coming years the figure may surge to several billion dollars, without taking into account investments. The Saudis have already invested more than $1 bln in projects in Russia, and at the moment participation in some 25 projects in various economic sectors is being considered, the minister said. Oil issue The most important result of closer ties between Russia and Saudi Arabia was the 2016 deal on joint steps for maintaining stability on the oil market. This allowed brokering the agreement on cutting oil output between producers that stabilized oil prices on the market after their sharp drop. At the talks, the Saudi Arabian King confirmed Riyadh’s intention to continue positive cooperation with Russia to achieve stability on the global oil markets. King’s first visit The first by the Saudi Arabian monarch to Russia coincided with Moscow’s holding the energy forum on October 4-7 that focused on bilateral cooperation. The Russian capital is also holding the Week of Saudi Arabia’s Culture, which includes an exhibition, screening of movies, performances of national ensemble and presentation of national dishes. Tatarstan’s Mufti Kamil hazrat Samigullin said the Saudi Arabian King is scheduled to meet with Russian Muftis on October 7. Read more