RUSSIA (OBSERVATORY) – Russian Gazprom and Saudi Saudi Aramco agreed to establish a joint coordinating committee to implement the memorandum of cooperation signed in autumn 2017, Gazprom said in a statement.
The creation of the committee was stipulated by the addition to the memorandum, which was signed at the meeting of the head of Gazprom Alexei Miller, the Minister of Energy of the Kingdom of Khalid al-Falih and the company’s president Amin Nasser, the report says.
The Russian company noted that the negotiations gave a positive assessment of the prospects for cooperation in the gas sector. As the ” in early October King of Saudi Arabia Salman bin Abdulaziz al Saud arrived in Moscow with the first official visit for the entire history of bilateral relations. It was planned that the king will hold a series of meetings with Russian officials and businessmen.
It was expected signing of investment agreements between the countries for a total amount of over $ 3 billion, the agreements mainly concerned the energy sector, Russian Energy Minister Alexander Novak said.
In particular, the minister spoke about the creation of a joint energy investment fund between Moscow and Riyadh for $ 1 billion and a deal with Sibur for the construction of a plant in Saudi Arabia for $ 1.1 billion. Also, Saudi Arabia in the framework of new investment transactions in Russia will invest $ 150 million in Eurasia Drilling, Alexander Novak said.