Riyadh – Mubasher: Saudi Aramco is in talks over several possible investments with Russian companies, however, it is not negotiating a stake in Novatek’s liquefied natural gas (LNG) project, CEO Amin Nasser told Reuters on Thursday.
“We are not discussing this at this stage. We are looking at opportunities for working together with the different companies,” Nasser told reporters in Moscow.
Saudi Arabian Oil Co, widely known as Saudi Aramco, is expected to sign a number of non-biding memoranda of understanding (MoUs) on Thursday with Russian companies such as Gazprom, Gazprom Neft, Sibur, and Litasco, sources told Reuters.
These agreements will be signed during Saudi Arabia’s King Salman’s visit to Russia, the first by a reigning Saudi monarch.
“A slew of investment agreements would be signed during King Salman’s trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised then, as part of efforts by two of the world’s biggest oil producers to expand cooperation,” according to Reuters.
On Wednesday, Russia’s minister of energy Alexander Novak was quoted as saying that the two major oil producers were set to sign joint investment deals exceeding $3 billion in worth.
