ECONOMY

King Salman, President Putin to sign 10 major agreements Thursday

It is expected that Saudi King Salman bin Abdul Aziz and Russian President Vladimir Putin will sign more than 10 major agreements. (AFP)

It is expected that Saudi King Salman bin Abdul Aziz and Russian President Vladimir Putin will sign more than 10 major agreements that will map the future of the relationship between the two countries.

The signing of the agreements comes on the sidelines of the Saudi monarch’s visit to Russia. King Salman left Riyadh on Wednesday for an official visit to Russia.

Among the companies expected to sign a number of agreements are the Saudi oil giant Aramco, whose chief executive, Amin al-Nasser, disclosed that memorandums of understanding will be signed.

Nasser pointed out that oil, gas, petrochemicals, renewable energy and advanced technology are areas of particular interest, underlining that there were significant opportunities in a number of these areas for cooperation between Aramco and major Russian companies.

King Salman’s visit, during which he will hold talks with President Vladimir Putin, is an endorsement of the ties between Russia and Saudi Arabia, driven by common interests, including the restoration of stability in world oil markets.

The two countries led the agreement between OPEC and non-OPEC producers to cut crude production till the end of March 2018.

The Russian government said in a statement on its official website on Tuesday that the visit of the Saudi monarch would include “discussing issues of bilateral trade, economic and industrial cooperation in the fields of energy, agriculture and others, and will review the progress made in the implementation of major infrastructure projects.”

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Last Update: Wednesday, 4 October 2017 KSA 19:33 - GMT 16:33
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