Russian Federation woos Saudi investment in LNG

Saudi King Salman has arrived in Moscow on the first-ever visit by a Saudi monarch to Russian Federation.

"Our focus is not just on strengthening our cooperation within the framework of the OPEC and non-OPEC (agreement) but also the strengthening of cooperation in oil, gas, electricity renewable energy and other projects for oil and gas equipment", he told the television channel regarding the fund's activities.

"The visit of the Saudi Arabian king [Salman bin Abdulaziz Al Saud] and his big delegation is considered to be historic, as this is the first visit of the head of the Kingdom to Russian Federation".

Oil prices have partly recovered after major producers inside and outside OPEC, including Saudi Arabia, agreed previous year to cut output by 1.8 million barrels per day to bolster global prices.

A thaw between Moscow and Riyadh helped reach November's deal in which OPEC and 10 other oil-producing countries, including Russian Federation, agreed to cut their production in a bid to combat a supply glut and shore up crude prices.

More news: Global airports crippled as check-in systems malfunction

Meanwhile in the US, a Moody's Investors Service study of 37 North American exploration and production companies shows that while the companies have achieved dramatic cost cuts, any improvement in their ability to sustain healthy returns will have to come from commodity prices.

Saudi Arabia's Princess Nourah University will open a driving school for women after a ban on women driving in the country was lifted recently. It was subsequently extended through March 2018.

Miswin Mahesh, oil analyst at Energy Aspects, agreed that the oil giants could be more cautious in terms of announcing a further extension to the reduction in oil output.

During the Saudi monarch's first visit to Moscow, the sides are expected to discuss key bilateral and regional problems and sign a number of important deals in energy, infrastructure, modern technologies and other sectors, which, according to experts, may bring relations between the world's two biggest oil producers to the level of a strategic partnership.

(Copyright © 2015. All Rights Reserved.)
 
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