Sunday, 27 May, 2018

Saudi Aramco to sign agreement with Russian LNG project

Mikhail Metzel  ITASS Mikhail Metzel ITASS
Preston Stone | 15 February, 2018, 16:58

The move is aimed at strengthening energy ties between the two major oil producers.

Apart from potential investment in Aramco's IPO, Russia is also considering multi-billion deals with the Saudi investment fund, including in projects and partnerships with Aramco, Dmitriev said.

Moscow invited the kingdom's national oil company Saudi Aramco to participate in the project in 2017.

"Not only this, but we have a Russia-China investment fund, and through that fund we see a major interest in the Aramco IPO from a number of leading Chinese institutions", he told reporters.

Saudi officials have said the government plans to sell up to 5 percent of Aramco shares on one or more foreign exchanges in addition to Riyadh.

"We will see how the IPO process progresses but we see significant interest to invest in the Aramco IPO, from Russian Federation, from China".

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"We see a great interest from Russian banks, from Russian investment banks and other Russian investors", Dmitriev said on the sidelines of a conference in the Black Sea resort of Sochi.

Bloomberg reports that Russian Federation and Saudi Arabia are seeking ways to build on the success of their cooperation in the oil market, by agreeing new energy agreements which include an LNG project.

Al-Falih said Saudi Arabia is also working with Russian Federation on nuclear energy for peaceful purposes, adding the issue of climate change was also discussed.

Russian Federation and Saudi Arabia have continued to boost economic ties, and oil ties as well, with the cooperation in the OPEC/non-OPEC production cut deal.

Sibur, Russia's largest producer of petrochemicals, is building a petrochemicals facility in the kingdom. More coordination is needed to assess inventories, Russian Energy Minister Alexander Novak said at the same meeting.

"In Saudi Arabia, we also recently launched a joint initiative with the Crown Prince's foundation called the Misk Grand Challenges, which calls for innovation from across the world to empower youth", he said in a video message.

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