CEO: Saudi Aramco Not Discussing Stake in Novatek's Arctic LNG project

06 October, 2017, 00:40 | Author: Irene Delgado
  • King Salman bin Abdulaziz Al Saud acceded to the Saudi throne in 2015

The Kremlin talks between Saudi King Salman and Russian president Vladimir Putin mark a thaw in relations between the countries, which have often been tense since the Cold War times when the kingdom supported Afghan rebels fighting the Soviet invasion in the 1980s.

"I'm sure your visit will boost the ties between our countries", Putin added. "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.

Saudi Arabia's King Salman walks past Russian honour guards during a welcoming ceremony upon his arrival at Vnukovo airport outside Moscow, Russia October 4, 2017.

Reports say the deals range from an arms deal worth $3bn (£2.3bn) to a $1bn energy investment fund.

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.

Now, $1bn (energy deal) is like a drop in water for a country having over $50bn in budget deficit and borrowing billions more, locally and internationally.

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An energy forum under way in Moscow and St. Petersburg is about halfway through. Now everything will depend on the personal meeting between the leaders of Russian Federation and Saudi Arabia.

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.

"Whether we will extend these agreements or not will depend on the situation in the world market", he said. Cooperation between the world's two largest exporters, as well as other OPEC members, has helped stabilise global oil prices in recent months at around $50 a barrel. "We see as we enter the fourth quarter that supply is less than demand and inventories are declining around the world", Falih said.

"Bullish comments from the Russian and Saudi energy ministers are helping arrest the recent decline in oil prices", said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

Oil traded near $50 a barrel in NY as traders weighed a flood of US crude exports against the possibility of extended production cuts by OPEC and Russian Federation.

Lavrov said the Saudi monarch and Putin's meeting saw a "particular focus on Syria, Iraq, Libya and Yemen". Speaking to journalists, Russian Foreign Minister Sergei Lavrov emphasized that the two leaders agreed that fighting terrorism should be a number one issue in the region.

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