Saudi Arabia to invest more than 25 Russian projects

Saudi Arabia to invest more than 25 Russian projects

"We have zero personal relationship", Putin said Wednesday at the Russian Energy Week conference in Moscow, according to Bloomberg Politics.

Mr Putin described the talks in Moscow as "substantive and meaningful".

He said that the visit of King Salman will give a great impetus to the common relations.

Oil giant Saudi Aramco will open an Indian subsidiary next week, three sources said, as the top global oil exporter looks to tap rising demand and invest in the world's third-biggest consumer.

The King of Saudi Arabia, Salman bin Abdul Aziz Al Saud, arrived in Moscow on September 4.

King Salman reviews an honour guard.

Yet, pre-contract negotiations on the subject may commence should all necessary agreements are reached during King Salman's meeting with President Putin.

"This partnership between Russian Federation and Saudi Arabia has catalyzed cooperation of an unprecedented coalition of 24 countries (OPEC and non-OPEC)".

NEW YORK, Oct 5 (Reuters) - Oil prices rose more than 2 percent on Thursday as signs Saudi Arabia and Russian Federation would limit production through next year outweighed record USA exports and the return of production at a major Libyan oilfield.

King Salman's four-day trip to Russian Federation is the first time a Saudi monarch has paid an official visit to Moscow following decades of frosty relations.

The two countries also agreed on the production in Saudi Arabia of the Kalashnikov automatic rifle and its ammunition as well as educational and training programmes for Saudi nationals.

In addition, Saudi Arabia is trying to build a closer relationship with President Trump and his administration, while the US has sanctioned Russian Federation over its involvement in the Ukraine crisis.

The leaders held one-on-one talks, followed by broader discussions.

Analysts say King Salman and President Putin would try to put those differences behind them.

Russian President Vladimir Putin said on Wednesday that he has not decided on whether he would run for presidency again in 2018.

Iran and Saudi Arabia have supported opposing sides in ongoing conflicts in Syria and Yemen.

A Saudi-Russian business forum is also taking place during the King's visit.

For Russia, "price gains are more valuable than volume gains - how much can you really pump more from last year's peak production level?" he said.

The pact between the Organization of the Petroleum Exporting Countries, Russia and other producers on cutting output by about 1.8 million barrels per day (bpd) is now due to expire in March.

The two leaders discussed a wide range of issues including the potential extension of the OPEC+ oil production cut agreement, the Syrian crisis, security issues, defense collaboration and cooperation in the exploration and use of outer space for peaceful purposes.



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