Saudi oil giant Aramco aims to invest globally in production of gas and liquefied natural gas after holding its initial public offering, the Kingdom’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih has said.
Al-Falih, who is also the chairman of Saudi Aramco, was addressing the St. Petersburg International Economic Forum (SPIEF) on Friday.
He said Saudi Aramco will invest in the production of gas and liquefied natural gas (LNG) at the global level, according to various Saudi media reports.
The Saudi minister also mentioned that OPEC and non-OPEC members in the reduction agreement will study the possibility of increasing the reduction rates in their meeting in November. He ruled out that the global peak on oil demand will occur before 2050.
The St Petersburg International Economic Forum 2017 opened on Thursday with its events united under the slogan ‘Achieving a New Balance in the Global Economic Arena’. The Forum’s primary objective is to offer a constructive and open dialogue to discuss the main ways in which the global community is developing.
The SPIEF Presentation Area brought together Russian and foreign investors, company executives, and representatives of the government authorities, who discussed prospects for the implementation of regional and federal projects in the country.
A number of agreements on investments as well as memorandums and agreements of intent were signed on Thursday.
The state-backed Russian Direct Investment Fund (RDIF) would welcome Saudi investments in Russia’s largest oilfield services company Eurasia Drilling, RDIF chief executive Kirill Dmitriev told Reuters on Friday.
RDIF on Thursday announced it was acquiring a minority stake in the company in a consortium with an Emirati investment fund and Chinese partners.
“We would welcome the participation of Saudi partners in investments in Eurasia Drilling. We believe that if this company began working in Saudi Arabia, it would be a good example of cooperation,” Dmitriev said on the sidelines of the St Petersburg International Economic Forum.
Leading oil producers Russia and Saudi Arabia are increasing cooperation after helping to bring about a global deal to cut oil production, aimed at supporting the price of crude.
