Russian and Saudi firms discuss joint projects

Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects. (Shutterstock)
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Updated 13 February 2020

Russian and Saudi firms discuss joint projects

  • Saudi business representatives will visit Moscow in the spring

MOSCOW: Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.

The discussions took place in Saudi Arabia as Russia and the Organization of the Petroleum Exporting Countries discussed further cooperation on the global oil market.

Saudi Arabia, a leading voice in OPEC, has been trying to persuade Russia to join deeper oil production cuts. Moscow has said it will disclose its stance on that proposal in the coming days.

Saudi business representatives will visit Moscow in the spring and continue their talks with Russian companies, RDIF said.

Russia has played a central role in the alliance between OPEC and non-OPEC oil exporters, known as OPEC+, since they began coordinating moves on the oil market in 2016.


Gradual Irish economic recovery has begun, finance minster says

Updated 05 June 2020

Gradual Irish economic recovery has begun, finance minster says

  • Donohoe said it was not surprising that data on Friday showed the domestic economy grew at a subdued pace in the first quarter
DUBLIN: Up-to-date economic data suggests Ireland is now past the low point of the economic crisis forced by the coronavirus lockdown of its economy, and a gradual recovery is setting in, Finance Minister Paschal Donohoe said on Friday.
Donohoe said it was not surprising that data on Friday showed the domestic economy grew at a subdued pace in the first quarter ahead of what he called an "unprecedented contraction" in nearly all sectors likely to be registered in the second quarter.
"However, incoming data including ultra-high-frequency data suggest that we are now past the low point and a gradual recovery is now setting in as restrictions are gradually being relaxed," he said in a statement.