2000 mining licenses in Saudi Arabia worth $66 billion

07 October, 2017, 00:50 | Author: Terri Saunders

The military agreement concurs with a $1bn Fund agreement for energy investment and a $1.1 billion agreement for Russia's petrochemicals giant Sibur to build a plant in Saudi Arabia signed between the two countries.

Russian Federation and Saudi Arabia have reached a deal allowing the production of the iconic Kalashnikov assault rifle in the Gulf Kingdom.

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. Among the elements of the MoU are LNG trade, LNG value chain and exploration / development as well as product storing.

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

The initial licensing agreement between the Russian state arms exporter Rosoboronexport and Saudi Arabian Military Industries (SAMI) was signed in Moscow on Thursday.

Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said in a telephone call to press that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their unique technologies.

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Nasser outlined a number of areas for potential collaboration with Russian companies in industrial localization; global gas; downstream petrochemicals; technology, research and innovation; trading; and climate change and carbon management.

Nasser stressed that all these could only be achieved with technology, research and innovation.

"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".

"Yandex is an interesting company for us because it is already present in the Middle East and Turkey and it has a search engine that beats Google in the Russian market by a large margin", Dmitriev said.

The highlight will be the "Saudi-Russian Business Investment Forum" to be held in Moscow under the theme "Investment toward Building a Strong Partnership".

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