Russia, Saudi Arabia to set up $1 billion technology fund

Russia, Saudi Arabia to set up $1 billion technology fund

Russia, Saudi Arabia to set up $1 billion technology fund

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. The proximity of the Mediterranean with the Red Sea provides an important strategic supply point to the kingdom.

The minister spoke about Saudi Arabia's Ma'aden, one of the largest mining companies in the world, and his interest in developing partnerships with investors in Russian Federation to find opportunities.

Furthermore, according to the signed document the two parties could collaborate on the production of equipment for oil and gas field development, by localising production either in Russian Federation or Saudi Arabia.

Meanwhile, Amin H Nasser, Saudi Aramco president and CEO said the rich endowment of resources of both Saudi Arabia and Russian can enable companies from both countries to collaborate in creating synergies for a sustainable energy future with business and operational initiatives driven by technology, research and innovation.

The fund will also look at relevant investments outside Russian Federation and Saudi, he added.

The minister also introduced Saudi Arabia's Vision 2030 to his Russian counterparts, which aims quadruple the contribution of the mining sector to the GDP.

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They called "religiously motivated and other discrimination" against women looking for reproductive health care. Varon is anxious that the rule will make it more hard for women to have access to contraceptives.

Cooperation between Gazprom Neft and Saudi Aramco envisages collaboration in various areas, including drilling and well workover technologies, improvements to pumping systems, and the development of large-scale non-metal pipes.

Nasser also provided strategic insights on the future of energy and how Saudi Arabia and Russian Federation could pool their sizable resources together in driving the global energy transformation by factoring in alternative energy which can complement oil's existing preeminence, particularly gas and downstream / chemicals.

The Minister of Energy, Industry and Mineral Resources, Khalid bin Abdul Aziz al-Falih said that 2000 mining licenses have been provided to the private sector with a total value on of $66 billion in Saudi Arabia.

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

Donskoy said that this agreement will contribute to the development of cooperation between the two countries in the field of mining investments and geological knowledge, exchange of benefits, investment opportunities and technology transfer.

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