RUSSIA, October 11 - Russian Deputy Prime Minister Alexander Novak and His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, co-chaired a meeting of the Russian-Saudi Joint Intergovernmental Commission on the first day of Russian Energy Week.

The Deputy Prime Minister noted that trade and economic ties between Russia and Saudi Arabia are developing successfully. The same is true of bilateral interaction within the framework of the Declaration of Cooperation between the OPEC and non-OPEC countries. He also praised Saudi Arabia joining the BRICS association. According to Alexander Novak, OPEC + decisions show that this unique coordinating mechanism for stabilising the global oil market is becoming more relevant, more stable and more independent.

In January-July 2023, Russian-Saudi bilateral trade soared by almost 20 percent, and both countries are set to expand it still further.

“Russia is ready to ship more petroleum products to Saudi Arabia. Successful interaction in the energy sector can expand by implementing civilian nuclear power industry projects, and it is common knowledge that Russia is a recognised global leader in this sphere. Russian companies are ready to offer their services in the field of science and technology cooperation as well as in developing and introducing unique technologies for geological prospecting, drilling, hydrocarbon production and processing, and digital transformation. We are ready to continue our technological cooperation, including in the field of AI applications,” Alexander Novak said.     

Russia is interested in supplying more agricultural products to Saudi Arabia, implementing digitalisation projects in the fuel and energy sector, renewable energy and climate, as well as joint investment projects in cooperation with the Russian Direct Investment Fund, in Russia, Saudi Arabia and third countries.

Members of the Russian-Saudi Joint Intergovernmental Commission are to hold their next meeting in 2024.