We're not satisfied yet with markets, Saudi oil minister says


Tass reported that Moscow is hoping Saudi Arabia investment in Russian Federation will surpass $1 billion after the visit.

In addition, Saudi Arabia is trying to build a closer relationship with President Trump and his administration, while the US has sanctioned Russian Federation over its involvement in the Ukraine crisis.

Moscow and Riyadh worked together to secure a deal between OPEC and other oil producers to cut output until the end of March 2018, helping support prices.

Russian Federation said on Wednesday it had critically injured a leader of the Tahrir al-Sham militant group, Abu Mohamad al-Golani, with an air strike in Syria that also killed 12 of his field commanders.

The Russian Direct Investment Fund on Thursday will also sign an MoU with Aramco and Saudi's Public Investment Fund for investments in energy services and manufacturing.

Iran must refrain from interfering in Middle Eastern conflicts because such involvement has destabilised the region, King Salman told Russian President Vladimir Putin, according to comments carried by the Interfax news agency. Investments in a number of sectors of the Russian economy have been approved, including in large-scale projects.

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The Aramco IPO, which could raise $100 billion, is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman.

The huge Saudi investment will fund and contribute towards both technology and energy projects, including the construction of a small hydro power plant, logistics companies and building complexes.

Saudi Aramco's IPO is expected to be the world's biggest ever offering, with the company valued at a minimum of about USD2 trillion. According to the Ministry of Economic Development, the volume of trade between the two countries has increased by 30% in the first half of 2017 compared to the same period past year, having amounted to $430 million.

Saudi Arabia is now investing over $1 billion in over 20 Russian projects including the construction of a petrochemical complex and Pulkovo Airport in St Petersburg, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.

On his journey into central Moscow from Vnukovo airport late on Wednesday, King Salman's limousine passed billboards bearing his photograph and messages in Russian and Arabic welcoming him.

In a sign of the improving relationship, Saudi Arabia signed preliminary agreements with Russian Federation to buy S-400 air defence systems, as well as anti-tank weapons and multiple-rocket launchers, the Saudi Arabian Military Industries said. Russia's largest oil company Rosneft will discuss joint oil trade on world markets with Saudi Aramco.