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Russian and Saudi trade ministries sign memorandum of understanding

Russian and Saudi trade ministries sign memorandum of understanding

Representatives from more than 70 countries were invited.

Yet, pre-contract negotiations on the subject may commence should all necessary agreements are reached during King Salman's meeting with President Putin. Russian Federation and Saudi Arabia, despite their differences, have been drawn together by a common interest in propping up flagging world oil prices, and by the fact that Moscow, since its military intervention in Syria, has clout in the Middle East that other players in the region can not ignore. "It's unclear because no one knows for sure what is where", Putin said while addressing the 2017 International Forum on Energy Efficiency in Moscow on Wednesday, Sputnik reported. An oversupplied market previous year, brought on by USA oil production and OPEC members working to defend market shares with more output, helped pushed the price of oil below $30 per barrel.

The announcement of the Saudi investment comes as the Saudi Minister of Energy and Industry, Khalid Al-Falih, claimed that the cooperation between the Kingdom and Russian Federation has "breathed life back into [Organisation of Petroleum Exporting Countries] OPEC", which would help raise the price of oil for the benefit of both countries.

Both Russia and Saudi Arabia rely heavily on oil revenues and were hit by the slump in world energy prices.

Brent crude was up 70c at $56.50 a barrel by 1.40pm GMT. SYRIA DIFFERENCES In Syria, Riyadh supports rebels fighting President Bashar al-Assad's army, while Russian and Iranian forces have sided with Assad.

Bennett Demands Halt of PA Revenue Transfer as Netanyahu Condemns Reconciliation
The rift has left the Palestinians divided between rival governments in territories located on opposite sides of Israel. Almost 100 Israelis have been killed and thousands injured.


The leaders and high-level representatives are expected to tackle what has positioned them on opposing sides of a bloody warfare in Syria.

She also expressed her gratitude to the Saudi foreign minister for his cooperation with Moscow, especially with his Russian counterpart Sergei Lavrov. He also said he had accepted the king's invitation to visit Saudi Arabia. "We seek to strengthen bilateral relations for the sake of peace and security, for the sake of the development of the global economy", the Saudi monarch stressed.

Moreover, besides political equations, this visit will give a major flip to bilateral business as around 100 Saudi businessmen are accompanying the King to Moscow and a $1bn joint oil investment fund is expected to be agreed.

The head of Saudi's state-owned oil giant Aramco Amin Nasser told Rossiya 24 state television ahead of the talks that the company would sign agreements with Russia's Gazprom, Gazprom Neft and Sibur energy companies as well as with an affiliate of Lukoil.


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