King Salman bin Abdulaziz Al Saud acceded to the Saudi throne in 2015
06 October, 2017, 00:29
The announcement of the Saudi investment comes as the Saudi Minister of Energy and Industry, Khalid Al-Falih, claimed that the cooperation between the Kingdom and Russian Federation has "breathed life back into [Organisation of Petroleum Exporting Countries] OPEC", which would help raise the price of oil for the benefit of both countries.
Russian Federation will host its first visit by a Saudi monarch on Thursday, in an attempt to seal an alliance that would confirm Moscow as a major independent force in the Middle East capable of shaping worldwide oil prices and the outcome of regional conflicts such as those in Syria and Libya.
On Wednesday, Mr Putin said a global deal to cut oil production in order to raise prices could be extended to the end of next year.
Saudi Arabia also signed a Memorandum of Understanding (MoU) with Russian Federation to further localize military industries.
Falih said oil demand was healthy around the world, and there was a steady reduction in global oil inventories.
"Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices", said Stephen Brennock, analyst at London brokerage PVM Oil Associates. According to the expert, the first ever visit of King Salman bin Abdulaziz al-Saud to Moscow is likely to strengthen Russo-Saudi ties.
King Salman is expected to ask Russia's support and commitment to ensure that the production cuts deal continues, following Saudi Arabia's cut of its output to around 10 million barrels per day to help control a glut in world oil supplies.
Clean energy produces about 84 percent of electricity in Russia for the moment and the figure is expected to reach 90 percent by 2035, Russian President Vladimir Putin said Wednesday.
Vedomosti newspaper reported that Saudi Arabia's sovereign fund is also eyeing investment into a toll road project in Moscow, which would be the first one for the capital. Top officials, energy ministers and leaders of sovereign wealth funds were due to attend, including Amin Nasser, CEO of Saudi oil giant Aramco. Historically, Saudi Arabia and the former USSR were at odds on nearly every regional conflict, especially during the height of the Cold War.
Relations between the two countries have often been strained. It has allocated 191 billion riyals ($51 billion), or 21% of its 2017 budget, to military spending.
And a deal has also been reached for Russian Federation to supply Saudi with S-400 anti-aircraft missiles.
"There is some interest, of course", he said.
"The stakes are as high for Moscow as for Riyadh".
Vision 2030, a blueprint for Saudi Arabia to move its economy away from oil, is driving that change. New York, London and Hong Kong are the main contenders.
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