King's Visit Bears Fruit: Russia's Gazprom, Saudi Aramco Sign Cooperation Memo


Jointly organised 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.

Under the deal signed on the sideline of King Salman's historic visit, Moscow will also transfer cutting-edge technology to Saudi SAMI technicians for local arm production of the Kornet anti-tank guided missile systems, advanced multiple rocket launchers and automatic grenade launchers, reports say.

"The document reflects the intention of the parties to explore the prospects for cooperation along the entire value chain from exploration, production, transportation and storage of gas to LNG projects", the company said.

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

MOU with LITASCO - Trading Collaboration: The MoU will see collaboration with Swiss-based LITASCO (the worldwide marketing and trading arm of Lukoil - one of Russia's largest oil companies) which will give Saudi Aramco and the kingdom access to Mediterranean refineries where Russian companies have been expanding.

The fund will also look at relevant investments outside Russian Federation and Saudi, he added.

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The MoU focuses on localizing the manufacturing and sustainment of advance armament systems in the Kingdom of Saudi Arabia in line with the objectives of Saudi Vision 2030.

"There are significant opportunities in a number of these areas for collaboration between Saudi Aramco and leading Russian companies".

Donskoy welcomed an agreement signed between the Saudi Arabia's Ministry of Energy, Industry and Mineral Resources with Russian Federation to cooperate in the field of mineral wealth.

The Russian contracts are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", SAMI said in a statement.

Donskoy said that this agreement will contribute to the development of cooperation between the two countries in the field of mining investments and geological knowledge, exchange of benefits, investment opportunities and technology transfer.