Russia’s Energy Minister Alexander Novak said that his country and Saudi Arabia have entered into a new phase of long-term fruitful cooperation, following President Vladimir Putin’s visit to the Kingdom on Monday and King Salman bin Abdulaziz’ trip to Moscow in 2017.
In remarks to Asharq Al-Awsat, Novak noted that the visit would place bilateral cooperation on the right track, stressing that the two countries have witnessed increasing collaboration in different fields.
“Expanding interaction with our Saudi partners… is, in essence, the creation of a new alliance to maintain our competitiveness in global markets, and to develop national and global energy in general,” he said.
The Russian energy minister emphasized that the two sides were engaging in an active dialogue in all sectors of trade and economic cooperation, including agriculture, industry, investment, and energy.
“Investment cooperation is one of the key growth points of our economic relationship, with about $2 billion already invested in joint ventures in Russia,” Novak told Asharq Al-Awsat.
He stressed that the joint work would achieve more successes in various fields, noting that the prospects for cooperation between the two countries were open, and would rise in the future to reach the greatest degree of economic development for both countries.
In recent years, trade between Riyadh and Moscow has risen by more than 15 percent, surpassing the $1 billion mark, and this year it has jumped to a higher level, achieving a 34 percent growth, according to Novak.