Aramco participates in King Salman's Russian visit, explores bilateral energy investments

Aramco participates in King Salman's Russian visit, explores bilateral energy investments
HE Khalid Al-Falih (left), minister of energy, industry, and mineral resources, Saudi Arabia, and chairman, Saudi Aramco, walks alongside Alexander Novak (right), Russian energy minister, during their meeting in Riyadh, Saudi Arabia, on 23 October 2016. (Image courtesy: FAYEZ NURELDINE/AFP/Getty Images)
Published: 4 October 2017 - 2 a.m.
By: Martin Menachery

Saudi Aramco will participate in the historic Royal Visit to Russia by The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud during 4-7 October 2017.

The visit will reinforce the already strong relationship between Saudi Arabia and the Russian Federation, primarily driven by the fact that it is creating the much desired synergy between two highly influential energy powers of the world.

Saudi Aramco will participate in a range of high-level engagements and activities including an exhibit throughout the three days which form the business component of the Royal Visit, alongside other key Saudi entities.

The highlight will be the ‘Saudi-Russian Business Investment Forum’ to be held in Moscow under the theme ‘Investment toward Building a Strong Partnership’. The forum will be officially opened by HE Alexander Novak, Russian energy minister.

Jointly organised by the Saudi Arabian General Investment Authority (SAGIA), Council of Saudi Chambers, and the Russian Direct Investment Fund (RDIF), the forum will see Saudi Aramco president and CEO Amin H Nasser participate in a panel discussion on bilateral investments.

The forum will serve as a strategic platform for Saudi Aramco to promote its initiatives in supporting Saudi Vision 2030, and the industrial localisation programme – In-Kingdom Total Value Add (IKTVA) – which can potentially attract Russian market-leading companies to offer skills development and technological expertise.

“There are significant opportunities in a number of these areas for collaboration between Saudi Aramco and leading Russian companies. In particular, oil and gas services, petrochemicals, renewables, advanced materials and other advanced technologies, and cutting-edge basic and applied research are all promising areas for bilateral cooperation,” Nasser said ahead of the visit.

Saudi Aramco is also expected to sign a number of memoranda of understandings with major Russian companies.

In 2016, HE Novak visited Saudi Aramco when he visited the Kingdom and met with HE Khalid Al-Falih, minister of energy, industry, and mineral resources, Saudi Arabia, and chairman, Saudi Aramco, and discussed topics of mutual interest. In May this year, Igor Sechin, CEO, Rosneft, led a delegation to Saudi Aramco to discuss a range of areas of potential collaboration, including technology, sharing best practices, and other areas.

Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha