Russian Federation woos Saudi investment in LNG

Saudi economy contracts in first two quarters of 2017

The royal entourage includes Saudi energy minister Khalid Al Falih, who will attend an investment forum in Moscow.

The meeting will focus on untangling the ongoing conflicts in the regions, as well as on various aspects of cooperation between Russian Federation and Saudi Arabia.

The Saudi diplomat also said that the King's visit would have a great impact, not only on boosting mutual relations between both countries, but on the situation in the entire region.

Among the companies expected to sign a number of agreements are the Saudi oil giant Aramco, whose chief executive, Amin al-Nasser, disclosed that memorandums of understanding will be signed.

Saudi Arabia has voiced its interest in launching ventures in Russia's Arctic oil and gas fields over nearly a decade. The fund is expected to be finalized this week in Moscow and is created to "extend cooperation" between the world's largest oil producers.

More news: Nuclear accord with Iran in USA interest: Mattis

Russian Federation and Saudi Arabia were key to the agreement in 2017 to cut production by around 1.8 million barrels per day for six months and subsequently extend it through March 2018.

According to sources, OPEC's biggest crude producer is considering investing in Russia's largest oil drilling contractor, Eurasia Drilling Co., and Novatek PJSC's proposed Arctic LNG 2 project.

Producers agreed to extend the cuts for nine more months, ending in March 2018. As of Tuesday midday, benchmark Brent crude was trading at $56.04 a barrel and West Texas Intermediate (WTI) at $50.51 with concerns of an over-supply still at the forefront of investors' minds. OPEC will discuss the possibility of a further extension at a ministerial meeting next month.

The reductions will be on the same terms as those agreed in November.

The Middle East, including Saudi Arabia, also seeks cooperation on nuclear and renewable energy and railways with the powerful Russian Federation.

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