RIYADH, 13 February 2005 — Oil giants Saudi Arabia and non-OPEC Russia will work for the stability of the world oil market, it was revealed here yesterday.
“As the Kingdom and Russia are the biggest oil producing and exporting countries in the world, it will be an essential matter for us to enhance our cooperation and coordination with Russia at the world oil market,” Minister of Petroleum and Mineral Resources Ali Al-Naimi told a visiting Russian delegation at a meeting held at his office here yesterday.
A 16-member delegation comprising heads of major oil companies and economic experts, led by the President of the Federal Agency for Energy in Russia Sergei Oganesyan, held talks with Al-Naimi on steadying the fluctuating oil market. The Russian ambassador in Riyadh, Andrei Baklanov, was also present.
Speaking on the occasion, Al-Naimi highlighted the existing cooperation between the Kingdom and Russia in oil related affairs. “The two countries are keen on maintaining stable oil prices that would serve the interests of both oil producing and consuming countries which would positively contributes to the growth of the world economy,” the minister said.
The meeting was attended by the adviser at the Ministry of Petroleum and Mineral Resources, Prince Faisal ibn Turki and other senior officials.
The minister also called for greater cooperation in the exchange of information and coordination between the two countries.
The visiting delegation also met with Crown Prince Abdullah and Foreign Minister Prince Saud Al-Faisal on issues of bilateral interests.
The delegation is expected to hold talks with Saudi businessmen today at the Riyadh Chamber of Commerce and Industry (RCCI) about promotion of trade and investments between the two countries.
Bilateral trade between the two countries are valued at SR540 million which includes Russian exports to the Kingdom estimated at SR525 million, while its imports from the Kingdom was worth SR15 million. The Russians will also meet the officials of the Saudi Arabian Basic Industries Corporation (SABIC) today before they leave for the Eastern Province tomorrow.
“Initial steps have been taken on the road to cooperation between the two countries,” Ambassador Baklonov told Arab News, adding that the visit has created an ideal platform for the two parties to have a free dialogue on trade and investments.
The envoy described the delegation as high-powered since it is headed by Oganesyan who is also chairman of the Russian Commerce, Economy, Trade and Technical Federation. He pointed out that the purpose of the visit was to identify new areas of cooperation under the new political climate.
At present, the Russian company, Lukoil, is engaged in a project for the geological exploration of the A gas block which has an area of 29,900 sq. km, located in the center of Saudi Arabia, in the northern part of the Empty Quarter.
Lukoil has received one of the three blocks included in the original tender and has set up the company Lukoil Saudi Arabia Energy Ltd., a joint venture with Saudi Aramco, to work on this block.