Translation. Region: Russian Federation –
Source: Government of the Russian Federation – Government of the Russian Federation –
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Alexander Novak with the Minister of Energy of the Kingdom of Saudi Arabia, Prince Abdulaziz bin Salman Al Saud
Alexander Novak met with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, on the sidelines of the Russian Energy Week International Forum.
Alexander Novak at a meeting with the Minister of Energy of the Kingdom of Saudi Arabia, Prince Abdulaziz bin Salman Al Saud
Minister of Energy of the Kingdom of Saudi Arabia Prince Abdulaziz bin Salman Al Saud at a meeting with Deputy Prime Minister of Russia Alexander Novak
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Alexander Novak with the Minister of Energy of the Kingdom of Saudi Arabia, Prince Abdulaziz bin Salman Al Saud
Deputy Prime Minister of Russia Alexander Novak met with Saudi Arabian Minister of Energy Prince Abdulaziz bin Salman Al Saud on the sidelines of the Russian Energy Week international forum.
In anticipation of the Joint Russian-Saudi Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation and the Russia-Saudi Arabia Business Forum, which will take place on November 5-6 this year in Saudi Arabia, Alexander Novak and Prince Abdulaziz bin Salman, as co-chairs of the intergovernmental commission, discussed current issues of cooperation in key economic sectors.
Bilateral trade between the two countries is growing dynamically, with trade volume increasing by 62.7% last year. Investment cooperation is also showing positive momentum: the volume of accumulated Russian investment in Saudi Arabia has grown sixfold in one year, while Saudi investment in Russia has increased by 11%. Over the past 10 years, more than 40 joint investment projects have been implemented in information technology, transportation, infrastructure, petrochemicals, and other economic sectors.
Particular attention was paid to cooperation in the energy sector. The Deputy Prime Minister noted that collective action within OPEC is in the long-term national interests and contributes to strengthening the economies of both countries. The parties also discussed the possibility of developing joint projects in LNG, hydroelectric, and nuclear energy.
Cultural, educational, and tourist ties between Russia and Saudi Arabia continue to strengthen. Over the past five years, there has been a significant increase in mutual tourist traffic: the number of Saudi tourists visiting our country has increased eightfold, while Russian tourists traveling to Saudi Arabia have nearly tripled. Direct flights between the two countries were established this year.
"We are successfully developing our bilateral partnership and maintaining close interaction on the international stage. This cooperation is driven by the established, trusting dialogue between the leaders of our countries – Russian President Vladimir Putin and Crown Prince and Chairman of the Council of Ministers of Saudi Arabia Mohammed bin Salman," noted Alexander Novak.
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