Saudi Arabia, Russia agrees to boost cooperation in oil, petchem

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud held an official meeting with Russian President Vladimir Putin during the latter’s visit to the Kingdom, where they discussed historical and strategic relations between both countries and means of development in all areas.

The two leaders exchanged views on the current regional and international conditions, the Saudi Press Agency (SPA) reported.

They also praised the 46% growth in trade volume in 2022 over 2021, as well as the two countries' mutual economic interests.

Furthermore, the Crown Prince and Putin reaffirmed their commitment to promote and diversify trade between Saudi Arabia and Russia, as well as boost communication between private sector entities in both countries, identify investment opportunities, and convert them into partnerships.

The two leaders also hailed the success of the eighth session of the Saudi-Russian Joint Committee, held in October 2023 in Moscow, to promote close cooperation between both countries.

In addition, they agreed to strengthen cooperation in various areas, including oil and gas, equipment, nuclear energy, electricity, renewable energy, solar power, wind energy, supply chains, the geological scientific field, knowledge exchange, the environment, water, agriculture, and food security; communication, technology, the digital economy, innovation, space, transport, and logistics; the judiciary and justice fields; sustainable tourism; sports; education, higher education, research and innovation; medical training, vocational training, and the Arabic and Russian languages; and information and healthcare.

Putin welcomed the Saudi and Middle East Green Initiatives launched by Saudi Arabia. Both sides also maximized the local content deployment in energy projects and hailed the joint investments, including four factories in the Royal Commission for Jubail and Yanbu (RCJY), at SAR 300 million.

Source: Argaam