Prince Mohammed bin Salman signs oil and nuclear deals with Putin

Monday 22nd Jun 2015
Deputy Crown Prince and Vladimir Putin (Photo SPA)

Deputy Crown Prince and Vladimir Putin (Photo SPA)

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Deputy Crown Prince Mohammed bin Salman agreed new deals with Russia, which include military and nuclear spheres, as well as covering aspects petroleum of the nations’ petroleum sales and production.

During the meeting in St. Petersburg where President Putin received the Deputy Crown Prince, Foreign Minister Adel al-Jubeir and the all-powerful Oil Minister Ali al-Naimi – the two sides signed a total of six new cooperation agreements.

The delegations also took the opportunity to address ways to improve bilateral relations, particularly in the fields of technical cooperation, housing, oil and gas, and investment opportunities.

Oil Minister Ali al-Naimi, spoke confidently about a rise in the price of oil in the near future, saying, “I am optimistic about the future of the market in the coming months in terms of the continuing improvement and increasing global demand for oil as well as the low level of commercial inventories.” This, the minister said, “is expected to improve the level of prices.”

Naimi went on to praise the enhanced bilateral cooperation between Riyadh and Moscow, stating that, “This, in turn, will lead to creating a petroleum alliance between the two countries for the benefit of the international oil market as well as producing countries and stabilizing and improving the market.”

The Prince also extended an invitation to the Russian premier on behalf of King Salman, inviting him to visit the KSA for further talks on bilateral cooperation in the near future.

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