RIYADH, 12 August — The Kingdom and Russia are holding talks with a view to stabilizing the world oil market, according to Russian Ambassador Dr. Andrei Baklanov .
"A new round of talks is now under way between Russia and OPEC on the one hand and with Saudi Arabia on the other to reach an accord — similar to the one we had in the first half of this year — to ensure stability of oil prices," he told Arab News.
The ambassador disclosed that the first meeting of Saudi-Russian Joint Commission would be held in Moscow in October to explore prospects of expanding economic and commercial cooperation. Trade exchange between the two countries amounted to SR525 million ($140 million).
Baklanov pointed out that a number of meetings had taken place in Riyadh last June at the level of experts to establish the joint economic commission.
The Moscow meeting will be co-chaired by Minister of Finance and National Economy Dr. Ibrahim Al-Assaf and Russian Energy Minister Igor Yusufov. Businessmen from both countries will meet on the sidelines to explore prospects of promoting economic and commercial relations.
"The businessmen’s meeting will serve as a nucleus for setting up a Saudi-Russian business council," the ambassador said, adding that his country was seeking to strengthen relations with the Saudi private sector.
"We have made necessary preparations for the Moscow meetings," he said.
A meeting between Russian and Saudi businessmen had taken place in Riyadh last May. The Russian business delegation had also met with senior Saudi government officials.
The ambassador underlined Russian President Vladimir Putin’s plan to strengthen economic and trade relations with other countries. "The Russian economy’s positive factors will contribute to strengthening Saudi-Russian ties. We are really keen on promoting our relations with a country like Saudi Arabia, which has vast economic and oil resources," he added.
He said the volume of trade between the two countries was increasing year after year. "Efforts are under way to make this figure conform to the vast potentials of the two countries," he said.
Baklanov said the two countries were still in the initial stage with regard to joint investment projects. "There is readiness on both sides to expand economic and commercial ties and establish joint investment projects," he added.
