Saudi Arabia, Russia work together to keep energy prices stable

Saudi Arabia, Russia work together to keep energy prices stable
Russian President Vladimir Putin, right, shakes hands with King Salman of Saudi Arabia at the G-20 Summit in Antalya, Turkey, in this Nov. 16, 2015 file photo. (AP)
Updated 04 October 2017

Saudi Arabia, Russia work together to keep energy prices stable

Saudi Arabia, Russia work together to keep energy prices stable

RIYADH: Senior scholars and businessmen in the capital said that the forthcoming visit of King Salman to Moscow will open new areas of cooperation with Russia and the two countries will reap mutual benefits as a result of such cooperation.
Member of the Shoura Council Fayez Al-Shehri said King Salman’s visit to Russia comes within the framework of bolstering relations with the one of the biggest countries of the world.
He said Russia agrees with the political trends of the Kingdom in many fields, notably terrorism and finding a solution to the Yemen crisis, and other global issues.
“The Kingdom and Russia are working together in the area of oil and gas to keep energy prices stabilized in the world,” he said.
“We, at the Shoura Council, have a role to play in deepening such relations between the Saudi and Russian peoples in all areas through popular and parliamentary diplomacy and exchange of committees to act as a bridge between the two cultures,” Al-Shehri said.
Shoura Council member Maj. Gen. Ali Al-Tamimi told Arab News that Saudi Arabia under King Salman, being the leader of the Islamic world and an important member of the G-20, will open a new chapter not only in Saudi-Russian relations, but also in combating terror in the world. There are a lot of expectations during this historic visit especially in the oil sector, he said, hoping that the visit will benefit the two countries.
The head of the Council of Saudi Chambers, Ahmed bin Sulaiman Al-Rajhi, said that the visit aims to promote and develop economic and trade relations between the Kingdom and the Russian Federation and he foresees brighter prospects for the two countries because of the strong bilateral relations.
He hoped to see increases in the contribution of the private sector in both countries to the level of strategic relations between them, and pave the way for the diversity of vital areas in favor of the Saudi and Russian economies.
Al-Rajhi expected to see more promising developments in the Kingdom’s trade cooperation with Russia, and a greater share of joint investments, especially as the two countries have comparative advantages that could enable them to play a pivotal role in the economies of the world.
Al-Rajhi will lead a team of 100 Saudi businessmen to Russia to strengthen economic cooperation between the two countries in accordance with Vision 2030.
Describing the delegation as an effective team to push forward new business activities during the Saudi-Russian Business Council meeting, Al-Rajhi said it will discuss economic cooperation and explore ways of developing partnerships and business relations between the business and education sectors.
Besides meeting the aspirations of the leaders and employers of the two countries, he said that the Saudi businessmen will also meet CEOs of major companies dealing with business activities, and opportunities and challenges in the Kingdom and Russia.
The program of the Saudi businessmen will also include several meetings with the Russian business community and Russian officials to discuss ways of boosting economic relations; developing trade and investment partnerships; holding bilateral meetings between businessmen from both sides; reviewing the latest developments in the economic situation; creating a conducive business environment; and identifying important investment opportunities available in the Kingdom and Russia, Al-Rajhi said.
Musad Al-Zayani, Saudi journalist based in the UAE, told Arab News that this is going to be a landmark visit in the annals of the Kingdom since both parties will come out with positive decisions in improving the world oil market.
As King Salman pays his maiden visit to Moscow, the Kingdom as well as Russia will definitely reap the fruits of important decisions that are expected to emerge from the bilateral discussions, he said.