His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, headed today the Kingdom’s delegation participating in the Russian Energy Week, which is held from 2 to 5 October in the Russian capital, Moscow.
His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and His Excellency the Russian Energy Minister Alexander Novak, participated in a dialogue session, which dealt with the issue of cooperation for the stability of oil markets and the global economy.
His Highness explained that mutual interests necessitate searching for ways and means of cooperation between producers and consumers to achieve stability, stating that the Kingdom proposed the establishment of the International Energy Forum, of which Russia is one of its prominent members.
“The Kingdom seeks to establish relations within OPEC, and with countries wishing to partner from outside the organization. We have now passed the temporary preparation stage to an arrangement with a longer term for cooperation between OPEC members and non-members, stressing that this alliance will achieve permanent stability of the oil market, to benefit all producers and consumers and the oil industry. This alliance will attract investment, and will stabilize the financial system, to enable the global economy to prosper and grow."
His Highness the Minister of Energy affirmed that the alliance did not come motivated by emotion, but from deep and practical thinking and faith in joint action, indicating that the first rule is to save energy. He said that the alliance can happen in many areas such as research and investment at all levels, both in the field of energy or petrochemicals, indicating that Saudi Aramco has a research center in Moscow, which will lead to a strong partnership between the Kingdom and Russia.
"The cooperation between the Kingdom and Russia has a long history and interest to lay the foundations for stability in the oil market, as the two countries have achieved success in strengthening the relationship inside and outside OPEC countries."
