Russian Companies Will Join Saudi on energy investment at NEOM

Russian Minister of Energy Alexander Novak said that Russian corporations can participate within the Neom project, declaring that the visit of the defender of the two Holy Mosques to his country recently led to a rise of bilateral trade to quite 70th in one month only.

Novak said that a close cooperation between Moscow and Riyadh in accordance with the December agreement last year is behind the steadiness of the global oil markets and also the rise in prices to $ 60 a barrel.

He also add, “The relations between the country and Asian country have developed apace within the recent amount, particularly once the visit of the custodian of the two Holy Mosques, King Salman bin Abdul Aziz, the last of Russian capital and his meeting with President Vladimir Putin; it gave a new and powerful impetus towards the promotion of comprehensive cooperation And deepen relations in numerous fields.

He discovered that the trade and economic cooperation between Moscow and national capital is developing very apace. The movement of products has multiplied considerably by quite 70 % compared to the previous amount before the visit, considering that the quantity of the movement of products generally remains low, calculable at one billion bucks throughout the year.

Russian Minister of Energy Alexander Novak

Novak said: “We have broad prospects for increasing cooperation between the 2 countries within the fields of trade and investment, and this is often confirmed by the businessmen of the two countries and currently there’s a temperament and a good can to deepen this cooperation and take away the challenges and obstacles that forestall this, “Launched by Prince Mohammed bin Salman, recently {one of|one among|one in a veryll|one amongst|one in every of} the numerous major comes of interest to the country and Russian firms can participate in a giant share.

He discovered that the positive cooperation between the two countries within the field of energy and ways that of operating along to stabilize oil costs could be a sturdy determination, in light-weight of the commitment of each side to not increase production. The agreement on coordination and cooperation between Moscow and the national capital, that last Dec contributed on to the steadiness of oil costs And their height.

Novak aforementioned that the two countries have with success enforced this agreement, and among ten months they need achieving positive results. Oil has stable within the world oil markets and multiplied the circulation of funds and also the speed of refund of funds endowed within the field. “We welcome the political can within the two countries that have allowed a choice to participate during this agreement, we tend to|and that we} can support it till we reach the amount of equilibrium of oil costs within the world market,” he said.

“Above all, we’ve to speak concerning the common worth instead of the value in a very single moment, considering the concerns of potential changes in oil costs within the market, because it could occur underneath The result of various factors and there’s no aspect insured against these changes in a very short amount, and as a rule, we tend to should refer the common worth among a year ».

He stressed that the two countries still work closely within the field of energy and gas. Last month witnessed the language with Saudi Minister of Energy Khalid Al-Faleh for a program for a roadmap for cooperation during this field, adding that «this agreement is AN example to follow in coordination between the two countries within the field of energy, within the framework of the agreement signed between the (OPEC) and non-OPEC countries ».

Russia and Saudi Arabia roadmap

“We have set our goal to attain positive leads to this space and balance within the oil market, and currently we tend to see positive results of the work and joint efforts that have light-emitting diode to the advance of matters utterly and cut back fluctuations within the market, further as higher costs compared to previous years, and also the revival of the economies of the two countries generally .

The Russian Energy Minister discovered that one in all the foremost vital areas of cooperation between the two countries is that the development of the peaceful use of energy, study the event of cooperation within the field of energy and modernization of varied technologies. He said: “We area unit presently getting ready a piece map to check the opportunities on the market during this field, that confirms the methodology of trade and economic cooperation, particularly with the existence of huge capacities and areas of promising cooperation.

He discovered that the availability of AN setting causative to investments necessitates work on the event of the getting law between the two parties, and fourteen agreements are signed with the dominion within the field of energy, agriculture, production, trade and investment, and there’s a roadmap to develop technical cooperation and important areas between the two parties.

On the results of the conferences of the business sectors of the two countries in national capital yesterday, Novak aforementioned that the proposals given by businessmen of each country are going to be taken into consideration, like the institution of exhibitions of merchandise of the two countries and also the facilitation of visas. the two ministries of foreign affairs have an interest in granting visas to businessmen. to produce long visas.

He added: “We mentioned ways that to get rid of the executive obstacles and the way to manage the movement of business, trade and investment between the two countries, and have an interest in holding exhibitions for merchandise and providing a permanent exhibition of Saudi product in Russia, particularly with the acceptable area, like accumulation, and that I can seek advice from the Minister of business once my come to Moscow to spot sure areas of Saudi product fairs there. ”

He stressed the keenness of his country to portion exhibitions of Russian merchandise in the Asian country, and not solely in the industrial product, however within the cultural and technical field, whereas strengthening cooperation within the exchange of experience and transfer of technology in numerous fields, as well as oil and gas.

Novak else said that the Saudi statements on the availability of Russian meat merchandise to the Saudi market offer positive indications of cooperation in animal and agricultural production, further as cooperation within the field of joint ventures in Russia and Asian country. Its production is helpful in Russia further as in Saudi Arabia; markets area unit giant and work along during this direction.

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