Saudi Arabia, Russia sign strategic oil pact

Updated 05 September 2016

Saudi Arabia, Russia sign strategic oil pact

HANGZHOU: The world's two largest oil producers, Russia and Saudi Arabia, on Monday agreed to act together to stabilize global oil output.
Energy ministers Alexander Novak and Minister Khalid Al-Falih met Monday on the sidelines of the Group of 20 nations' summit in China. A joint statement released by Russia said both ministers "recognized the need to restrain an excessive volatility of the oil market" and agreed to act together "in order to stabilize the oil market."
“Of course, strategic works with Russia will be important given that they are one of the two largest producers of oil along with the Kingdom. There is no doubt that Saudi Arabia to see OPEC and non-OPEC countries to follow our lead in joining this strategic working group,” Saudi Arabia’s Energy Minister Khalid Al-Falih.
Novak and Al-Falih said they would chair the first Russia-Saudi task force on oil and gas in October.

Translation: "The Ministries of Energy in both countries will work collectively to exchange technologies and develop the petroleum industry in both countries" — Khalid Al-Falih

Russia, which is not a member of the oil producing nations' group OPEC, this year supported calls to freeze production, but the efforts fell through after OPEC member Iran opposed the plan.
“Both Russia and Saudi Arabia, as the two largest oil producers in the world, have the heaviest burdens to see the oil markets stabilize,” Novak said.
Kuwait and the United Arab Emirates welcomed the agreement by Saudi Arabia and Russia to try jointly to stabilise oil prices.
Kuwait "welcomes the consultations between Saudi Arabia and Russia about oil markets... and backs the outcome of these consultations for the sake of achieving a balance in the markets", acting oil minister Anas al-Saleh told the official KUNA news agency.

Saudi Arabia, China sign $28 billion worth of economic accords

Updated 22 February 2019

Saudi Arabia, China sign $28 billion worth of economic accords

  • A total 35 agreements had been signed at a joint investment forum held by Saudi Arabia’s investment agency SAGIA

DUBAI: Saudi Arabia and China signed economic cooperation agreements worth a total of $28 billion at a joint investment forum during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing, Saudi state news agency SPA said on Friday.
It said 35 agreements had been signed at the forum, held by Saudi Arabia’s investment agency SAGIA. It also said four licenses for Chinese companies had been awarded at the forum.

The forum, which coincided with the official visit of Crown Prince Mohammed bin Salman China as part of his Asian tour, aimed at enhancing opportunities for joint cooperation between the two countries in various fields.

Other cooperation agreements signed during the forum included areas of the Kingdom's target sectors such as renewable energy aimed at activating cooperation and consultation frameworks in the field of investment development in wind turbines by manufacturing Electric control devices, wind turbine structures, turbine blades and wind generators with an investment of $ 18 million.

The agreement aims to open up to 800 new job opportunities in one of the most targeted sectors of sustainable development.