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Saudi Aramco Breaks Ground for Upstream Research Center at Moscow University

The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. (Reuters)
The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. (Reuters)
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Saudi Aramco Breaks Ground for Upstream Research Center at Moscow University

The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. (Reuters)
The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. (Reuters)

Strategic collaboration between Saudi Arabia and Russia continues to progress with Saudi Aramco President and CEO Amin Al-Nasser who attended the groundbreaking ceremony of a new Saudi Aramco Research Center at the Lomonosov Moscow State University (MSU) Science Park, reported the Saudi Press Agency on Friday.

The Center is Saudi Aramco’s 9th R&D facility outside the Kingdom and will focus on upstream technologies in simulation and modeling, advanced materials, data analytics and artificial intelligence. It promotes collaborative research activities primarily with MSU and other entities in Russia.

Al-Nasser said: “Saudi Aramco welcomes the collaboration with Lomonosov Moscow State University, an institution globally known for its centuries-old tradition of academic excellence, and its importance to the oil and gas industry.”

“Strong partnerships between industry and academia are key to addressing society’s energy challenges, and Saudi Aramco’s global research center at MSU Science Park will help drive research and innovation to develop new technology solutions.”

The groundbreaking at MSU Science Park follows the announcement of a Memorandum of Understanding signed in August 2018 by the two partners.

At the event, a research agreement between Saudi Aramco and MSU was signed to enable collaborative research projects between the two entities.

“Our ongoing strategic engagements and discussions with partners in Russia are taking our relationship to new heights. We advance our shared interests in stewarding our nations’ rich hydrocarbon resources, providing reliable energy sources to the world,” Nasser added.

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SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)
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SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)

Saudi Central Bank (SAMA) Governor Ayman Al-Sayari emphasized the Kingdom’s pivotal role in sustaining global economic recovery and maintaining financial stability. He also highlighted Saudi Arabia’s active participation in addressing key issues during Brazil’s presidency of the G20 Summit.

In a statement to the Saudi Press Agency (SPA), Al-Sayari affirmed the Kingdom’s commitment to achieving the summit’s goals and strengthening multilateral cooperation to tackle challenges such as slow growth and rising global debt levels.

Al-Sayari noted that Saudi Arabia’s participation in the G20 reflects its efforts to promote its own interests while contributing to global economic stability, particularly for regional economies. As the only Arab member of the group, Saudi Arabia seeks to leverage its position to enhance global financial resilience.

He recalled the Kingdom’s leadership of the G20 in 2020, during which it prioritized measures to accelerate global economic recovery, foster financial inclusion, ensure financial stability, and assist low-income countries in mitigating the impacts of the COVID-19 pandemic.

Key issues currently under discussion include the slow global economic growth, high inflation rates, rising global debt, and disparities in economic policies among nations.

Al-Sayari highlighted the importance of the G20’s Common Framework for Debt Treatments, a key initiative launched during Saudi Arabia’s presidency of the group. The framework aims to alleviate the debt burden of the world’s most vulnerable countries, a concern that has grown more pressing as sovereign debt levels reach unprecedented heights.

The governor underscored the alignment between the objectives of Saudi Arabia’s Vision 2030 and the G20’s goals, particularly in fostering financial stability and sustainable development. This includes initiatives to develop financial markets, mitigate risks, adopt global best practices, and ensure the financial sector’s stability while expanding its services and products to support the transition to a sustainable economy.

Moreover, Al-Sayari pointed out ongoing efforts to enhance the fintech sector through updated regulatory frameworks and improved guidelines. The Kingdom also aims to increase financial inclusion and awareness by providing individuals and businesses with access to licensed financial services, ensuring consumer protection, and promoting fairness and transparency in financial transactions.