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2017-10-09 21:45:00

RUSSIA - SAUDIS: VAST OPPORTUNITIES

RUSSIA - SAUDIS: VAST OPPORTUNITIES

AOG - The rich endowment of resources of both the Kingdom of Saudi Arabia and the Russian Federation 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, said Amin H Nasser, president and CEO, Saudi Aramco, in a panel discussion at the Saudi-Russian Business Investment Forum.

Jointly organised by the Saudi Arabian General Investment Authority (SAGIA), the Council of Saudi Chambers, and the Russian Direct Investment Fund (RDIF), the forum was held in conjunction with the Royal Visit to Russia by The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud.

Nasser said vast opportunities for collaboration between companies from Saudi Arabia and Russia are created by both the Kingdom's existing economic pillars and the development and diversification envisaged by Saudi Vision 2030.

Nasser outlined a number of areas for potential collaboration with Russian companies in industrial localisation; international gas; downstream petrochemicals; technology, research and innovation; trading; and climate change and carbon management.

Nasser also provided strategic insights on the future of energy and how the Kingdom and Russia could pool their sizable resources together in driving the global energy transformation by factoring in alternative energy which can complement oil's existing pre-eminence, particularly gas and downstream/chemicals.

Nasser stressed that all these could only be achieved with technology, research and innovation. Saudi Aramco considered this as key drivers of future success, and Saudi Aramco's goal is to be a world-leading creator of energy and chemical technologies.

"We have already established eight research centres around the world that complement our main research facilities in Saudi Arabia. Considering Russia's considerable strengths in science and technology, as well as highly talented researchers, scientists and engineers, we are exploring collaboration in R&D field," Nasser added.

Trading, according to Nasser, would also be an integral enabler to the strategic partnership with Russian entities involving opportunities in refined product swaps, trading logistics, shipping and storage facilities, and new market venturing.

He also highlighted Saudi Aramco's industrial localisation programme In-Kingdom Total Value Add, or IKTVA, as another area of opportunity for Russian services and manufacturing companies to collaborate with Saudi partners.

"Considering the large oil and gas resources possessed by our two countries, we also have a common interest in strengthening oil's position and there are numerous to collaborate in these areas," Nasser commented.

Saudi Aramco also signed five Memoranda of Understanding (MoUs) with key Russian energy entities during the Royal Visit: (i) MoU with Saudi Public Investment Fund and Russian Direct Investment Fund – Investment in Energy Services & Manufacturing. The MoU will pave way for new business development in the energy value chain, oilfield services and manufacturing, the Ras Al Khair maritime yard development and potential partnerships in the Energy Industrial City developed by Saudi Aramco. (ii) MoU with Gazprom – Gas Collaboration. The MoU will enable Saudi Aramco and Gazprom allowing the introduction of new vendors and suppliers to the Kingdom's market. Among the elements of the MoU are LNG trade, LNG value chain and exploration/development as well as product storing. (iii) MoU with LITASCO – Trading Collaboration. The MoU will see collaboration with Swiss-based LITASCO (the international marketing and trading arm of LUKOIL) which will give Saudi Aramco and the Kingdom access to Mediterranean refineries where Russian companies have been expanding. The proximity of the Mediterranean with the Red Sea provides an important strategic supply point to the Kingdom. (iv) MoU with Gazprom Neft – Technology and R&D collaboration. The MoU with Gazprom Neft (a subsidiary of Gazprom and Russia's fourth largest oil producer) will involve technology and R&D collaboration as well as training. (v) MoU with Russian Direct Investment Fund and SIBUR – Strategic marketing for petrochemicals. The MoU will enable all parties to jointly evaluate potential opportunities for cooperation in the petrochemicals sector, including marketing of petrochemicals products, both in Russia and Saudi Arabia.

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Earlier:

NEW OIL COALITION
2017, October, 6, 12:50:00

NEW OIL COALITION

As the world's two largest oil producers, Saudi Arabia and Russia have led the 24-country OPEC/non-OPEC coalition in its 1.8 million b/d supply cut, which is scheduled to end in March.

 SAUDIS - RUSSIA RELATIONSHIPS
2017, October, 4, 23:55:00

SAUDIS - RUSSIA RELATIONSHIPS

Saudi Aramco will participate in the historic Royal Visit to Russia by The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud from October 4 to 7, 2017.

 

 SAUDIS - RUSSIA OIL DEAL
2017, August, 31, 12:25:00

SAUDIS - RUSSIA OIL DEAL

Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said.

 

 SAUDI ARAMCO INVESTMENT: $300 BLN
2017, July, 12, 14:05:00

SAUDI ARAMCO INVESTMENT: $300 BLN

“Saudi Aramco plans to invest more than $300 billion over the coming decade to reinforce our preeminent position in oil, maintain our spare oil production capacity and pursue a large exploration and production program centered on conventional and unconventional gas resources.”

 

 SAUDI'S RENEWABLE ENERGY
2017, April, 19, 17:40:00

SAUDI'S RENEWABLE ENERGY

Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next six years as it pushes ahead with a multi-billion-dollar plan to diversify its energy mix and free up more crude oil for export.

 SAUDI INVESTMENT DIVERCIFICATION
2017, April, 19, 17:35:00

SAUDI INVESTMENT DIVERCIFICATION

Aramco is gearing up for a share listing next year, aiming to get a valuation of up to $2 trillion in what could be the world's biggest initial public offering (IPO).

 

 SAUDI'S INVESTMENT STRATEGY
2017, April, 17, 17:35:00

SAUDI'S INVESTMENT STRATEGY

“We are continuing to invest and strengthen our core oil and gas business across the value chain.”

 

 OPEC, RUSSIA CUTS
2017, February, 2, 18:45:00

OPEC, RUSSIA CUTS

Therefore, OPEC has raised its supply to Asia, and Russia has also re-routed a great chunk of its rising production toward China and the Asia-Pacific over the past decade. Russia surpassed Saudi Arabia as China's biggest supplier last year, exporting 1.05 million bpd of crude versus Saudi Arabia's 1.02 million.

 

 

 

Tags: RUSSIA, SAUDI, ARABIA, INVESTMENT, OIL, GAS