Saudi Arabia to Plan Russia Deals, Deepening Energy Ties - Bloomberg

Saudi Arabia to Plan Russia Deals, Deepening Energy Ties - Bloomberg:

"Saudi Arabia is looking at unprecedented deals to acquire oil and gas assets in Russia, deepening ties between the world’s largest energy exporters as the Saudi king prepares to visit Moscow later this week. OPEC’s biggest crude producer is considering investing in Russia’s largest oil drilling contractor, Eurasia Drilling Co., and Novatek PJSC’s proposed Arctic LNG 2, according to officials with knowledge of talks, who asked not to be identified because the talks are private. While discussions are at an early stage, some framework accords could be signed during King Salman bin Abdulaziz’s trip, one of the officials said. Saudi Arabia and Russia produce almost a quarter of the world’s oil between them and led an historic agreement between the Organization of Petroleum Exporting Countries and other major suppliers last year to cut output and help end a global glut of crude. Direct Saudi investment in Russian assets would show continued commitment to cooperation between the two energy superpowers as Salman and Russian President Vladimir Putin prepare for talks that are likely to include whether to extend the pact on oil production limits."



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