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Saudi king signs lucrative deals on landmark Russian Federation visit

06 October 2017

Saudi Arabia's King Salman speaks with Russian deputy prime minister Dmitry Rogozin during a welcoming ceremony at Vnukovo airport outside Moscow. The Saudi king will stay in Moscow till October 7.

A number of deals have been signed during this week's trip by King Salman to Russian Federation, the first by a Saudi monarch.

Salman and his retinue looked on in confusion for several moments, before the 81-year-old king began to descend the staircase step by step. The parties meticulously discussed the agenda of the talks and took account of geopolitical factors.

Saudi Arabia and Russian Federation have very little in common.

Speaking at the conference, Saudi Oil Minister Khalid al-Falih said market recovery is apparent, and the success of the agreement is obvious, but producers can't relax yet.

The two countries also signed a series of multi-billion dollar investment deals including one to create a US$1 billion (S$1.3 billion) fund to pursue energy projects.

A package of investments announced during the visit will go some way to plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of sanctions imposed after Moscow annexed Crimea in 2014.

While Russia and Saudi Arabia are partners on the oil market, they are at loggerheads on Syria, where Moscow supports President Bashar al-Assad and Riyadh backs the opposition.

It shows the Saudis' interest in keeping Russian Federation signed up to a global deal to limit oil production and push up the price of their valuable crude exports. He also said he had accepted the king's invitation to visit Saudi Arabia.

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Gazprom Neft has signed a Memorandum of Cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in oil and gas industry.

Iran must refrain from interfering in Middle Eastern conflicts because such involvement has destabilised the region, King Salman told Russian President Vladimir Putin, according to comments carried by the Interfax news agency.

Saudi Aramco's IPO is expected to be the world's biggest ever offering, with the company valued at a minimum of about USD2 trillion.

The two leaders signed a MoU to establish an investment platform in the oil sector, an investment platform in the technology sector, as well as a MoU to implement a cultural program between the two countries.

"We have a vast potential for developing cooperation in nuclear power".

King Salman, stuck on his golden escalator.

The document was signed by Russian Industry and Trade Minister Denis Manturov and the Minister of Commerce and Investment of Saudi Arabia Majed Bin Abdullah Al Kassabi.

As part of the agreement signed in Moscow today, Russian Federation will transfer technology and localize the manufacturing and sustainment of these armament systems in the Kingdom, a press statement from the Saudi Arabian Military Industries (SAMI) said. Russia's largest oil company Rosneft will discuss joint oil trade on world markets with Saudi Aramco.

Saudi king signs lucrative deals on landmark Russian Federation visit