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JEDDAH: Saudi Energy Minister Prince Abdul Aziz bin Salman on Monday announced the signing of 20 agreements with Russia during the Saudi-Russian energy partnership meeting as part of Russian President Vladimir Putin`s visit to the kingdom. At the signing ceremony of the new agreements, which took place in the presence of King Salman and Putin, the Energy Minister stressed that oil will remain an essential element in the development of the world economy. Saudi Crown Prince Mohammed bin Salman and Russian Foreign Minister Sergey Lavrov also participated in the ceremony. The 20 agreements cover the oil and other sectors of energy, space and satellite navigation, justice, health services, tax administration, mineral resources, tourism and aviation, as well as cultural cooperation and improved trade relations. Prince Abdul Aziz said the two countries have begun a new phase of cooperation in many areas of development. Stressing the important role played by Saudi Arabia and Russia in stabilizing the global oil market, the minister said: “The new OPEC+ cooperation agreement will improve cooperation and provide strong support for greater stability in the oil market.” In the Saudi-Russian Joint Committee, we are working together to align the kingdom`s reform plans for vision 2030 with its strategic objectives and Russia`s strategic development plans. The agreements were signed between the relevant government authorities and the sovereign wealth funds of the two countries. The minister added that state-owned enterprises and the private sector of both countries will make considerable efforts to achieve the objectives of these agreements. Financial expert Mohammed Al-Suwayed said that “Russia is an important strategic partner of Saudi Arabia.” He added that joint efforts between the two countries would help manage the oil market: “Saudi Arabia is a member of OPEC and Russia is one of the leading non-OPEC exporters. It recently opened an office in the kingdom as the first international fund office outside of Russia, showing a clear plan to invest in different sectors. An official welcoming ceremony was held on Monday in honor of Putin. . . .

Posted on October 6th, 2021 | filed under Uncategorized |

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