S. Arabia and Russia to boost energy cooperation

15/10/2019 09:01 Energy

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Saudi Arabia and Russia are set to form a new alliance for investments in energy and infrastructure, according to Russia's Energy Minister Alexander Novak on Monday.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Novak discussed Russian and Saudi bilateral cooperation and relayed their standpoint on global oil markets in a panel at the Saudi-Russian Energy Forum in Riyadh.

 

Novak said that investment cooperation is one of the key growth points for the two countries' economic relations following on from the $2.5 billion worth of investments that have already been made through joint projects in Russia.

 

Riyadh and Moscow are expected to announce 10 new investment projects in the oil and technology spheres on Monday.

 

The total committed capital of the two countries' sovereign wealth funds has reached $6 billion for future projects, according to the Russia-Saudi Investment Fund.

Source: aa.com.tr

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