Saudi Arabia, Russia ink cooperation pact among oil producers and 20 other agreements

Saudi Arabia and Russia signed a key deal on Monday aimed at stabilizing global oil prices.

Following talks between Saudi Arabia’s King Salman and Russian President Vladimir Putin, the two countries signed some 20 agreements and contracts worth billions of dollars on aerospace, culture, health, advanced technology and agriculture.

Key among the deals was the agreement to bolster cooperation among the OPEC+ countries -- the Organization of the Petroleum Exporting Countries plus 10 non-members of the cartel.

Monday's deal seeks to "reinforce cooperation ... and strengthen oil market stability", Saudi Energy Minister Prince Abdulaziz bin Salman said at the signing ceremony.

Besides this, a number of other agreements were signed between Russia and Saudi Arabia on the sidelines of Russian President Vladimir Putin’s visit to Riyadh on October 14. 

Argaam takes a look at these agreements that were signed in fields including energy, transport, agriculture, industry, aviation, space and much more.

1) A Joint Statement of Intent between the Saudi Space Authority and the Russian state space corporation in the fields of manned space flights and the Global Navigation Satellite System, GLONASS.

2) High-level Saudi-Russian strategic cooperation framework agreement signed by energy minister Prince Abdulaziz bin Salman and his Russian counterpart.

3) Energy cooperation protocol agreement signed by energy minister Prince Abdulaziz bin Salman and his Russian counterpart.

4) Draft memorandum of understanding (MoU) on cultural cooperation signed by the Saudi minister of culture and his Russian counterpart.

5) Draft MoU on facilitating and organizing visas for both countries’ citizens signed by the Saudi minister of foreign affairs and his Russian counterpart.

6) Draft of MoU on health cooperation signed by the Saudi minister of commerce and investment and the Russian health minister.

7) Agreement on commercial attaché between both countries signed by the Saudi minister of commerce and investment and the Russian energy minister.

8) MoU on starting negotiations for promoting and protecting investments between the two countries. It was signed by the Saudi minister of commerce and investment and his Russian counterpart.

9) MoU to increase exports of Russian products to Saudi Arabia. It was signed by the Saudi Minister of Environment, Water and Agriculture with his Russian counterpart.

10) Cooperation agreement between Saudi Agricultural and Livestock Investment Co. (SALIC) and the Russian Direct Investment Fund (RDIF) to jointly identify and implement attractive investment projects in agriculture and livestock in Russia to strengthen bilateral economic ties and increase the volume of mutual investments between Russia and Saudi Arabia.

11) A telecommunications executive program agreement signed by the Saudi minister of communication and Russia’s Minister of Digital Development.

12) Draft MoU for cooperation in the field of public media.

13) Tourism cooperation agreement signed by the chairman of the Saudi Commission for Tourism and National Heritage (SCTH) and Russia’s Minister of Economic Development.

14) MoU on joint investments in aircraft leasing to support the development of the Russian aviation industry. The preliminary deal was signed by chairman of the Public Investment Fund (PIF) and RDIF chairman.

15) MoU on mutual investments in NefteTransService (NTS), one of the largest railway operators in Russia. It was also signed by chairman of the Public Investment Fund (PIF) and RDIF chairman.

16) A work program between the civil aviation authorities in both countries to define and adopt standards for the Russian aircraft industry in Saudi Arabia.

17) MoU for technical cooperation in the field of tax administration with the Russian tax authority. It was signed by the governor of the General Authority of Zakat and Tax (GAZT) and Russia’s Federal Tax Service.

18) Agreement between Saudi Aramco, RDIF and Rusnano to buy Rusnano shares in Novomet, one of the leading producers of oil-submersible equipment in Russia and globally. The deal was signed by Aramco’s CEO Amin Nasser and RDIF CEO. “The platform aims to invest in companies in the energy sector of the Russian Federation with the possibility of subsequent localization of business in Saudi Arabia and the Middle East,” a statement by RDIF said.

19) Agreement on methanol project in Amur region, Asia. It was signed by SABIC’s chairman, RDIF and chairman of ESN Group.

20) MoU between Saudi Arabian Mining Company (Maaden) and PhosAgro, one of the world's leading producers of phosphate-containing fertilizers. It was signed by Maaden’s CEO, RDIF and PhosAgro chairman.