Saudi Arabia has embarked in a “wide range” of strategic business collaborations with Russian energy companies, signing five memoranda of understanding (MoUs) last week in Moscow, Kallanish Energy reports.
Russian state-owned petrochemical company SIBUR has signed a memorandum of understanding (MoU) with the Russian Direct Investment Fund (RDIF) and Saudi Aramco on petrochemical marketing cooperation, Kallanish Energy learns.
Saudi Arabia is reportedly considering the development of a liquefied natural gas (LNG) project with Russia’s Novatek, as a number of projects are rumoured to be under negotiation ahead of the Saudi King visit to Russia.
The world’s largest crude oil producers Saudi Arabia and Russia are finalising details of a $1 billion energy fund to be announced later this week during the Saudi King Salman visit to Moscow on Thursday.
Russia’s Rosatom State Atomic Energy Corp. CEO Alexei Likhachev held meetings with representatives of Saudi Arabia on the sidelines of the 61st General Conference of the International Atomic Energy Agency (IAEA) in Vienna.
Saudi Arabia is preparing to launch a tender for its first nuclear power plants as early as next month, industry sources said, noting the oil-rich kingdom is bent on diversifying its energy supply.
Saudi Aramco is said to have increased its October price for its Arab Light grade for Asian customers by $0.55 a barrel compared to September prices, to a premium of $0.30/Bbl to the Oman/Dubai average.
Saudi Arabia and China will cooperate on nuclear energy projects following discussions between the two countries last week on ways to support the kingdom’s nuclear energy program, state news agency SPA reported.