Russia and Saudi Arabia have agreed on technological cooperation on a number of projects, “marking a new stage of energy cooperation”, Russian Energy Minister Alexander Novak said after talks with his Saudi and Qatari counterparts.
“We have agreed on technological cooperation in the area of oil and gas production and refinery, and on the implementation of a number of joint projects,” Novak said, adding that other topics for discussion included “cooperation in the nuclear sphere, in the construction of a tanker fleet and the electricity sector.”
During his stay in Riyadh, the Russian minister met with his counterparts from prominent GCC states to discuss implementation of the Algiers oil deal.
“We discussed issues concerning the level of oil production limits in Russia and other countries which may join the agreement. However it is too early to speak about any concrete figures as the process of coordination of positions is still underway,” Novak told reporters.
“We will continue our work with experts on November 30 when OPEC plans to arrive at a common decision,” Novak said, adding that oil producing countries would be satisfied with the oil market balancing solutions that are now being looked at.
Of his meeting with Novak, Saudi Energy Minister Khalid al-Falih said, “Saudi Arabia has started to play an important role to coordinate between Russia … and OPEC, specifically the Gulf countries. We have managed today… through a common meeting to reach a common notion to what we can reach in November.”
