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| Russia & Saudi Arabia sign billion dollar deals during King's visit | Russia & Saudi Arabia sign billion dollar deals during King's visit |
| (35 minutes later) | |
| Russian President Vladimir Putin has met with the King of Saudi Arabia Salman bin Abdulaziz Al Saud. It is the first state visit to Russia by a reigning Saudi monarch and marks a new level of relations between the countries. | Russian President Vladimir Putin has met with the King of Saudi Arabia Salman bin Abdulaziz Al Saud. It is the first state visit to Russia by a reigning Saudi monarch and marks a new level of relations between the countries. |
| According to the Kremlin, “the leaders will consider joint steps to further develop bilateral cooperation in the trade, economic, investment and cultural-humanitarian areas.” | According to the Kremlin, “the leaders will consider joint steps to further develop bilateral cooperation in the trade, economic, investment and cultural-humanitarian areas.” |
| Following the meeting, the two countries launched a joint energy investment fund worth $1 billion. The fund could include investments in natural gas projects and petrochemical plants. | Following the meeting, the two countries launched a joint energy investment fund worth $1 billion. The fund could include investments in natural gas projects and petrochemical plants. |
| Saudi state oil firm Saudi Aramco signed a deal with Russian Direct Investment Fund (RDIF) and gas processing and petrochemicals company Sibur on joint projects in the area of oil refining. | |
| The two countries also agreed to cooperate in nuclear energy, agriculture, information technology; trade, investments and social development. | |
| "We have a vast potential for developing cooperation in nuclear power. Saudi Arabia plans to launch a major nuclear power program," said Russian Energy Minister and Co-Chairman of the Russian-Saudi Intergovernmental Commission Aleksandr Novak. | "We have a vast potential for developing cooperation in nuclear power. Saudi Arabia plans to launch a major nuclear power program," said Russian Energy Minister and Co-Chairman of the Russian-Saudi Intergovernmental Commission Aleksandr Novak. |
| "Nuclear power may become one of the basic sources and an extra catalyst for the development of various industries and innovation technologies in Saudi Arabia," he added. | "Nuclear power may become one of the basic sources and an extra catalyst for the development of various industries and innovation technologies in Saudi Arabia," he added. |
| Relations between the two countries have reached a “fundamentally new level recently,” Novak said. | Relations between the two countries have reached a “fundamentally new level recently,” Novak said. |
| “Parliamentary contacts show good dynamics and the two countries business circles maintain intensive dialogue," he said, adding that that significant progress has been made. | “Parliamentary contacts show good dynamics and the two countries business circles maintain intensive dialogue," he said, adding that that significant progress has been made. |
| According to Novak, for the first time a substantial delegation from Saudi Arabia, including about 200 representatives and 85 CEOs of large companies has come to Russia. | According to Novak, for the first time a substantial delegation from Saudi Arabia, including about 200 representatives and 85 CEOs of large companies has come to Russia. |
| "Eighty-five heads of the largest companies flew to Russia to establish links with Russian businesses and expand ties in all areas," the minister said. | "Eighty-five heads of the largest companies flew to Russia to establish links with Russian businesses and expand ties in all areas," the minister said. |
| Novak added that work is underway on a roadmap for the mid-term development of trade, economic, scientific and technical cooperation between Moscow and Riyadh. | Novak added that work is underway on a roadmap for the mid-term development of trade, economic, scientific and technical cooperation between Moscow and Riyadh. |
| Vladimir Putin and King Salman are expected to focus on extending the commitment to cut crude oil output production, which has helped prop up oil prices. | Vladimir Putin and King Salman are expected to focus on extending the commitment to cut crude oil output production, which has helped prop up oil prices. |
| On Wednesday, Putin said he believes the oil cut agreement between OPEC and non-OPEC countries could be extended beyond March 2018. | On Wednesday, Putin said he believes the oil cut agreement between OPEC and non-OPEC countries could be extended beyond March 2018. |
| The next OPEC meeting is due to take place in Vienna at the end of November. | The next OPEC meeting is due to take place in Vienna at the end of November. |