Saudi Arabia to buy air defence systems from Russian Federation

Reuters

At the same time, Riyadh, in common with Israel, will raise with Moscow its concern that these zones may guarantee a long-term presence for Iranian and Hezbollah troops inside Syria.

Following the meeting in the Russian capital, the two countries launched a joint energy investment fund worth $1 billion, while Saudi state oil firm Aramco penned preliminary agreements on oil refining with the Russian Direct Investment Fund (RDIF) and Russian resources group Sibur.

The Kremlin said ahead of the visit that Salman and Putin will discuss "the situation in the Middle East and North Africa, especially focusing conflict situations in the region".

"Some forces are making use of Russian-American relations to resolve internal political problems in the United States", he said.

Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply.

On Thursday, Putin received the monarch in the gold-decorated St. Andrew Hall, one of the grandest spaces in the Kremlin, attended by soldiers in ceremonial dress and with an orchestra playing the two countries' national anthems.

Oil prices rose more than 2 percent on Thursday as signs Saudi Arabia and Russian Federation would limit production through next year outweighed record US exports and the return of production at a major Libyan oilfield.


"We aim to strengthen our relations in the interests of peace and security, in the interests of developing the world economy", the Saudi king responded, according to AFP news agency.

With 60 percent of Russia's budget revenues from oil imports, the kingdom is aware that Moscow prioritizes a sort of coordination and agreement with Riyadh on oil prices and production.

The OPEC deal was aimed at reducing a global oil glut that had seen crude prices plummet from over 100 dollars a barrel in 2014 to a 13-year low of under 30 dollars last year.

Russian Economy Minister Maxim Oreshkin said on October 3 investors were interested in a nuclear energy plant Saudi Arabia wants to build and Saudis would be offered investment opportunities including in shipping company Sovcomflot.

"Saudi Arabia has recognised Russian Federation as a significant player in a region that is important to it", he said. He also referred to a 2015 deal when the Public Investment Fund (PIF) agreed to invest $10 billion in Russian Federation.

He added that Russian Federation respects press freedom and treats foreign media equally. USA crude rose 86 cents to $50.84. But the start of a four day state visit was interrupted when the special escalator malfunctioned halfway and the king had to walk down.

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