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.



Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)

The International Monetary Fund (IMF) and Ukrainian authorities have reached an agreement that would give Ukraine access to about $1.1 billion, the IMF said on Tuesday, adding that its executive board must still weigh in on the deal.

If approved, the agreement would bring the total amount disbursed to Ukraine under the program to $9.8 billion, the IMF statement said, adding that the board was expected to review the deal in coming weeks.

“The outlook remains exceptionally uncertain and Russia's war in Ukraine continues to take a heavy toll on Ukraine's people, economy, and infrastructure,” the funds' staff wrote, adding that despite those challenges the program “remains on track.”

“The economy has continued to show resilience despite the devastating challenges arising from Russia’s war in Ukraine, which has now lasted 1,000 days,” it added.

“However, risks remain exceptionally high given uncertainty on the intensity and duration of the war, including from the continued attacks on energy infrastructure.”

IMF staff, which met with Ukrainian officials Nov. 11-18, said the country's real GDP growth was expected to be 4% this year but slow to 2.5%-3.5% in 2025 amid energy infrastructure damage and labor shortages.

Inflation in Ukraine also reached 9.7% year-over-year in October over rising food and labor costs “but inflation expectations remain well anchored,” IMF staff concluded.