Saudi Arabia, Russia to ink cooperation deals, says Al Falih

Saudi Arabia will sign several investment agreements and memorandums of understanding (MoUs) with Russia during King Salman’s visit, the Kingdom’s energy minister Khalid Al Falih said during a conference in Moscow.

“This historic visit will witness the signing of memoranda of understanding (MoUs) in several fields that are important to both countries,” Falih said.

He said agreements would be signed with Russia’s state nuclear agency Rosatom for the peaceful use of nuclear energy, in addition to other deals for military industries and marine development.

“I see huge opportunities in front of our countries and for the business sector in both nations,” Falih added.

King Salman is in Russia as part of a state visit, the first to Moscow by a reigning Saudi monarch.

During the event, Falih also noted that state owned Saudi Aramco’s initial public offering (IPO) will proceed as planned in the second half of 2018.

"The government is moving right ahead. As the chairman of Saudi Aramco I can tell you that our board remains focused on reviewing the preparations for that event by a very dedicated team within the company," he said, cited by news outlets.

“It will take place in 2018 and there is nothing to indicate that that schedule is slipping,” the minister added.