Alexander Novak, Russia's energy minister, left, speaks as Khalid Al-Falih, Saudi Arabia's energy and industry minister, listens during a news conference following the 173rd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, Nov. 30, 2017. OPEC agreed to extend its oil-production cuts to the end of 2018 and included Libya and Nigeria in the deal for the first time, according to delegates gathered in Vienna. Photographer: Akos Stiller/Bloomberg
Alexander Novak, Russia's energy minister, left and Khalid Al Falih, Saudi Arabia's energy and industry minister. The oil market's biggest rivals have set aside differences to collaborate on crude priShow more

Saudi Arabia and Russia may team up on LNG, nuclear and chemicals

Russia and Saudi Arabia are expected to finalise a major agreement in the LNG sector as the oil market's biggest producers look to boost their co-operation in the face of growing prominence of the US shale sector.

"I think today you will also see a big announcement between Saudi Aramco and a major LNG project in Russia, but let's wait for the announcement," Kirill Dmitriev, the head of Russian Direct Investment Fund, said in Riyadh ‪on Wednesday morning.

Neither side had issued a statement on the LNG development at the time of going to press.

A Russian-Chinese fund may participate in Saudi Aramco's planned initial public offering of 5 per cent of the company, as part of its ongoing diversification efforts, added Mr Dmitriev.

The partnership between Saudi Arabia, the world's largest oil exporter and Russia, the largest sovereign producer outside of Opec follows a precedent set by the unlikely allies in 2016, when they joined hands to undertake production cuts to prop up global oil prices. Saudi Arabia and Russia have through 2017 undertaken the lion's share of output curbs of around 1.8 million barrels per day (bpd) and have agreed to an extension to the end of 2018.

Russian Energy Minister Alexander Novak also said Wednesday that he discussed his country's involvement in possibly developing two nuclear reactors in Saudi Arabia by 2019. Saudi Arabia plans to deploy 17 gigawatts of atomic power through 16 reactors by 2040.

Among other partnerships discussed between the two sides, include an engagement on climate policy, with energy ministers from both sides agreeing to meet in Jeddah in April to discuss their energy co-operation further, he added.


Read more:

Middle East LNG demand forecast to dip as Egypt becomes self sufficient

Saudi Arabia's gas hunt


Plans to develop a synthetic rubber production facility in the kingdom through a joint venture between Saudi Aramco and Russian petrochemical firm Sibur were also discussed, added Mr Novak.

The ties between the oil market's biggest rivals were strengthened after the visit of Saudi Arabia's King Salman to Moscow in October, when both sides discussed plans to set up a $1 billion dollar fund to invest in joint energy projects.

Saudi Arabia's interest in Russian natural gas was underscored when the kingdom's Energy and Industry Minister Khalid Al Falih made an appearance alongside President Vladimir Putin in December for the unveiling of the Arctic Yamal LNG plant - the world's coldest such facility.

At the opening, Mr Putin offered to sell Russian gas so that Saudi Arabia "could save its oil". Mr Al Falih was reported to have replied, "That's why I'm here."

Russia, according to the BP Statistical Review of World Energy 2017, has the world's second-largest reserves of natural gas after Iran and is the world's second-largest producer of the fuel, which is being increasingly substituted for oil in Saudi stations. Saudi Arabia, which had burnt fuel oil to generate power is increasingly moving to gas-powered electricity to free up crude for export as well as to meet growing demand, particularly during summer months.


Everton 2 (Tosun 9', Doucoure 93')

Rotherham United 1 (Olosunde 56')

Man of the Match Olosunde  (Rotherham)

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5


World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45+2')

The specs

Engine: 3.0-litre six-cylinder turbo (BMW B58)
Power: 340hp at 6,500rpm
Torque: 500Nm from 1,600-4,500rpm
Transmission: ZF 8-speed auto
0-100kph: 4.2sec
Top speed: 267kph

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Warranty: 30-month/48,000k

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

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Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support


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