Saudi king to make historic visit to Russian Federation

07 October, 2017, 00:47 | Author: Irene Delgado
  • Ruslan Shamukov  TASS

Saudi Arabia's Public Investment Fund, the kingdom's sovereign wealth fund, announced in 2015 plans to invest $10 billion in Russian Federation over the next five years, though only a fraction of that has so far been put up.

Riyadh has agreed to purchase S-400 air defense missile system from Russian Federation, according to Saudi television station al-Arabiya.

Earlier on Friday, Russian Foreign Minister Sergey Lavrov said Russia thinks highly of Saudi Arabia's role in arranging talks between the Syrian government and the oppositions in Geneva.

A thaw between Moscow and Riyadh helped reach November's deal in which Opec and 10 other oil-producing countries, including Russian Federation, agreed to cut their production in a bid to combat a supply glut and shore up crude prices.

"We emphasise that the security and stability of the Gulf region and the Middle East is an urgent necessity for achieving stability and security in Yemen", the king said. He also said he had accepted the king's invitation to visit Saudi Arabia.

Putin admitted that he once met United States President Donald Trump, but said he has no personal ties with the US leader. Parties to the agreement between members of the Organization of Petroleum Exporting Countries and non-member states already agreed this year to extend it into March 2018.

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Trade between the two countries peaked in 2013, reaching 2.445 billion dollars, but in 2016, it dropped to 336 million dollars.

Russian Federation and Saudi Arabia, among other agreements expected to be signed during this bilateral summit, will create a billion-dollar investment fund for different energy projects.

Moreover, he underlined the importance of maintaining the territorial integrity of Iraq, in a clear allusion to Iraqi Kurdistan, which on September 25 held an independence referendum. "We are reliable and dependable suppliers of oil to the oil-consuming markets, not only now, but for the foreseeable future", Barkindo added.

The statement came as Saudi Arabia's King Salman visited Moscow. Russian Deputy Prime Minister Dmitry Rogozin told reporters of Saudi Arabia's interest in buying S-400s which has not been formalized yet.

A slew of investment agreements would be signed during King Salman's trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised then, as part of efforts by two of the world's biggest oil producers to expand cooperation.

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