Aramco sees collaboration with leading Russian firms

05/10/2017 07:25 AST

Saudi Arabian Oil Company (Saudi Aramco) is participating in the historic Royal Visit to Russia by The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al-Saud on Oct. 4-7, 2017.

The visit will reinforce the already strong relationship between Saudi Arabia and the Russian Federation, primarily driven by the fact it is creating the much desired synergy between two highly influential energy powers of the world.

Saudi Aramco will participate in a range of high-level engagements and activities including an exhibit throughout the three days which form the business component of the Royal Visit, alongside other key Saudi entities.

The highlight will be the "Saudi-Russian Business Investment Forum" to be held in Moscow under the theme: "Investment, Toward Building a Strong Partnership." The forum will be officially opened by Russia's Minister of Energy Alexander Novak.

Jointly organized by the Saudi Arabian General Investment Authority (SAGIA), Council of Saudi Chambers, and the Russian Direct Investment Fund (RDIF), the forum will see Saudi Aramco President and CEO Amin H. Nasser participate in a panel discussion on "Bilateral Investments."

The forum will serve as a strategic platform for Saudi Aramco to promote its initiatives in supporting Saudi Vision 2030, and the industrial localization program In-Kingdom Total Value Add (iktva) which can potentially attract Russian market-leading companies to offer skills development and technological expertise.

"There are significant opportunities in a number of these areas for collaboration between Saudi Aramco and leading Russian companies. In particular, oil and gas services, petrochemicals, renewables, advanced materials and other advanced technologies, and cutting-edge basic and applied research are all promising areas for bilateral cooperation," Saudi Aramco CEO Amin Nasser said ahead of the visit.

Saudi Aramco is also expected to sign a number of Memoranda of Understandings with major Russian companies.

In 2016, Russian Energy Minister Novak visited Saudi Aramco when he visited the Kingdom and met with Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources and Chairman of Saudi Aramco when they discussed topics of mutual interest. In May this year, Igor Sechin, CEO led a delegation from Rosneft to Saudi Aramco to discuss a range of areas of potential collaboration including technology, sharing best practices, and other areas.

Saudi Gazette