Russian Deputy Prime Minister
Alexander Novak and Saudi Arabian Minister of Energy Abdulaziz bin Salman
co-chaired a meeting of the Joint Intergovernmental Russian-Saudi Commission on
the first day of Russian Energy Week.
Novak noted that Russia and
Saudi Arabia are effectively developing trade and economic ties, as well as
collaboration as part of the Declaration of Cooperation between the OPEC and
non-OPEC countries, and also welcomed Saudi Arabia’s accession to the BRICS
association. Novak said that the decisions adopted in the OPEC+ format show
that this unique coordinating mechanism for stabilizing the global oil market
is becoming more relevant, stable, and independent.
In the first seven months of
2023, trade turnover between Russia and Saudi Arabia increased by almost 20%.
The two countries aim to further increase this figure.
“Russia is ready
to increase supplies of petroleum products to Saudi Arabia. Successful
cooperation in the energy sector can be further expanded through peaceful
nuclear energy projects. Russia is a recognized world leader in this industry.
Russian companies are ready to offer their services for scientific and
technical cooperation, the development and introduction of unique technologies
in the geological exploration, drilling, extraction, and processing of
hydrocarbons, and digital transformation, and are ready to continue
technological cooperation, including in matters concerning artificial
intelligence,” Novak said.
Russia is interested in
expanding exports of agricultural products to Saudi Arabia and implementing
projects to digitalize the fuel and energy industry, promote renewable energy,
combat climate change, and provide joint investments for projects in Russia,
Saudi Arabia, and other countries in cooperation with the Russian Direct
Investment Fund.
The next meeting of the Joint Intergovernmental Russian-Saudi Commission will take place in 2024.
Source: Russian Government: http://government.ru/en/news/49769.
