ISSN 2330-717X

Russia And Saudi Arabia Sign Agreements On Space, Economics, Trade And Oil

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Russia’s Vladimir Putin held talks on Thursday with King Salman bin Abdulaziz Al Saud of Saudi Arabia, who is in Russia on a state visit.

According to the Kremlin, the two sides discussed a broad range of issues of Russian-Saudi cooperation and prospects of enhancing bilateral cooperation in the trade, economic, investment, cultural and humanitarian areas. They also exchanged views on international issues.

A package of documents was signed following the talks.

The governments of Russia and Saudi Arabia signed an agreement on cooperation in the exploration and use of outer space for peaceful purposes and the roadmap of trade, economic, scientific and technical cooperation between the Russian Federation and the Kingdom of Saudi Arabia in the mid-term perspective.

The sides also signed interdepartmental memorandums of understanding and cooperation in the areas of communications and ICT, labour, social development and social protection, and the purchase of military goods and localisation of their production. The documents signed include programmes on cooperation in the fields of culture, agriculture, and the peaceful use of nuclear energy, as well as a contract on general terms of organising licensed production of AK103 Kalashnikov rifles and different munitions.

An agreement to establish a $1 billion energy investment fund with the participation of the Public Investment Fund of Saudi Arabia (PIF), the Saudi Arabian Oil Company known as Saudi Aramcoand the Russian Direct Investment Fund (RDIF), as well as the agreement on investments of up to $100 million by the PIF and RDIV in the United Transport Concession Holding were signed.

In addition, an agreement on establishing a $1 billion high-tech investment fund, which provides for investment by the PIF and the RDIF.

The sides also signed an agreement on cooperation between Saudi Aramco, the RDIF and Sibur Holding on oil refining projects.


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