Markets

Moscow offers Saudis stake in Arctic energy project

Moscow offers Saudis stake in Arctic energy project

Saudi Energy Minister Khalid al-Falih attended the launch ceremony for the Yamal LNG project at the beginning of last December, when President Vladimir Putin invited Saudi Arabia to buy Russian. "We believe this is very good for, once again, thinking jointly about oil", Dmitriev said today.

Apart from potential investment in Aramco's IPO, Russia is also considering multi-billion deals with the Saudi investment fund, including in projects and partnerships with Aramco, Dmitriev said.

"We see significant interest to invest in the Aramco IPO from Russian Federation, from China, and we believe that this is very good for, once again, thinking jointly about oil".

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.

"In Saudi Arabia, we also recently launched a joint initiative with the Crown Prince's foundation called the Misk Grand Challenges, which calls for innovation from across the world to empower youth", he said in a video message.

PM Delivers "Closing the Gap" Report
The Closing the Gap decade has been a disappointment, with minimal improvement in the lot of Indigenous people. Prime Minister Malcolm Turnbull will detail the progress on Closing the Gap .

One possible new measurement would be to assess how long existing inventories would meet demand, or forward-day cover, Al-Falih said.

Novak said that during the meeting, bilateral relations in all fields were discussed and productive discussions were held on energy.

Russian Federation also has significant investments in Saudi Arabia's petrochemicals industry, he said.

Onshore projects have an average full cycle CAPEX of US$2.9 per barrel of oil equivalent, while shallow water projects average $6.9 per barrel of oil equivalent in full cycle CAPEX.

"As we enter 2018 it's become clear that the jobs landscape in Saudi Arabia is changing".


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