King Salman in Moscow, Saudi Arabia

King Salman in Moscow, Saudi Arabia

King Salman in Moscow, Saudi Arabia

King Salman's visit to Russian Federation is a historic moment that will drive both countries closer and the relations will enter a new phase of further understanding and deeper cooperation.

Saudi Foreign Minister Adel al-Jubeir told journalists that "relations between Russian Federation and Saudi Arabia have reached a historic moment". The recovery in oil markets has helped other commodities, he added.

The leaders of Saudi Arabia and Russian Federation, the world's biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by the Custodian of the Two Holy Mosques Saudi King Salman Bin Abdulaziz Al Saud.

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.

Brent for December settlement gained 40 cents to $56.20 a barrel on the London-based ICE Futures Europe exchange, after declining 20 cents on Wednesday. And Russia is close to Iran, a fierce adversary of Saudi Arabia despite their status as OPEC members.

Russian Foreign Minister Sergey Lavrov said some time ago that y were determined to support process conducted by Saudi Arabia for garing of Syrian opposition groups. His Saudi counterpart, Adel al-Jubeir, said new horizons had opened for Russia-Saudi ties that he could not previously have imagined.

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Matviyenko expressed her hope that King Salman's visit would be successful and fruitful, and would give a strong impetus to the development of bilateral relations.

"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. SLEW OF DEALS A package of investments announced during the visit will go some way to plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of sanctions imposed after Moscow annexed Crimea in 2014.

Russian Energy Minister Alexander Novak told Al Arabiya TV this week that the two sides plan to launch a $1 billion fund to invest in energy projects, without giving further details.

Kirill Dmitriev, head of the soverign wealth fund Russian Direct Investment Fund told media the fund would seek areas of synergy.

Several investment deals, including those relating to a liquefied natural gas project and petrochemical plants would be signed during the visit. Top officials, energy ministers and leaders of sovereign wealth funds were due to attend, including Amin Nasser, CEO of Saudi oil giant Aramco.

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