Saudi Aramco signs five agreements with Russian companies

Aramco chief executive sees more opportunities for tie ups between Russian and Saudi firms

06/10/2017 14:13 AST

Saudi Aramco's chief executive officer Amin H Nasser said that there is more scope for Saudi Arabian and Russian companies to cooperate in creating a sustainable energy future through business and operational initiatives driven by technology, research and innovation, after the Saudi company signed five agreements with Russian counterparts.

"We have already established eight research centres around the world that complement our main research facilities in Saudi Arabia,"

Mr Nasser said at a panel discussion at the Saudi-Russian Business Investment Forum in Moscow during Saudi Arabia's royal visit to Russia.

"Considering Russia's considerable strengths in science and technology, as well as highly talented researchers, scientists and engineers, we are exploring collaboration in R&D field. Considering the large oil and gas resources possessed by our two countries, we also have a common interest in strengthening oil's position and there are numerous to collaborate in these areas."

Aramco signed five memorandums-of-understanding (MOU) with Russian companies during the royal visit.

The oil company, along with the Saudi Public Investment Fund and the Russian Direct Investment Fund, signed an MOU for investment in energy services and manufacturing. Aramco also signed an MOU with the Russian gas company Gazprom to develop a business portfolio in international upstream gas.

An MOU was also signed with LITASCO, the Swiss-based international and marketing arm of Lukoil, one of Russia's largest oil companies.

The two other agreements were with Gazprom Neft for technology and R&D collaboration and training, and with the Russian Direct Investment Fund and SIBUR for the strategic marketing of petrochemicals.

The National