Saudi Gazette report

MOSCOW — Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense, and Russia’s President Vladimir Putin discussed on Tuesday wide-ranging issues which included Syria and the oil market stability.

The Deputy Crown Prince told Putin that Russia and Saudi Arabia had no contradictions on the oil market.

Putin told Prince Muhammad that energy agreements between the two countries had high importance and Moscow and Riyadh developed their relations successfully to stabilize the energy market and the oil prices.

The Russian president said that his country is waiting for the visit of Custodian of the Two Holy Mosques King Salman.

He also thanked Saudi Arabia for its role in cooperation between OPEC and oil-producing countries.

Meanwhile, the Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) of Saudi Arabia are considering over 25 projects in the Russian economy, according to sources.

“Several transactions have already been carried out, including in the fields of logistics, industry and retail,” the sources said.

Russian and Saudi Arabian companies are considering projects on hydrocarbon production, transportation and refinery, Russia’s Energy Ministry reported Tuesday with reference to the Minister Alexander Novak following his meeting with the Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih.

“New prospects for bilateral cooperation, implementation of joint projects on production, transportation and refinery of hydrocarbons on the territory of participating countries and third states and technological interaction are opening up,” Novak said.

The sides particularly focused on the area of technological cooperation.

The Minister also mentioned the creation of joint R&D centers on the development and introduction of technologies in such areas as oil and gas production, oilfield services and transportation of crude hydrocarbons among promising projects.

“We consider joint development and production of oil and gas equipment for its further use and promotion to third countries’ market as another important area of potential cooperation,” Novak said.