Russian Energy Minister: Committed to Maintaining Balance of Oil Market Volatility
Russian Minister of Energy Alexander Novak underlined Moscow’s commitment to maintaining balance and keeping up with the fluctuations of the oil market, stressing that his country attached great importance to comprehensive cooperation with Saudi Arabia.
“Our cooperation with Saudi Arabia is expanding as part of what was agreed upon during President Vladimir Putin’s recent visit,” Novak told Asharq Al-Awsat.
“Investment cooperation, of course, is one of the main growth points of our economic relations… We are ready to develop new technologies that will allow us to adapt to the current climate and environment agenda,” he added.
“As part of our close cooperation, some $2 billion has already been invested in joint ventures in Russia,” Novak said. “In this regard, we are playing an important role to keep the cooperation between the Russian Direct Investment Fund and the Public Investment Fund in Saudi Arabia, which has so far a total investment of $10 billion.”
The Russian energy minister revealed that Moscow was currently studying the local market carefully, adding that he noted the high level of tasks within the framework of the implementation of the national strategy ofSaudi Vision 2030, which aims to diversify the national economy, and reduce its dependence on exports of hydrocarbons.
As for the most important areas of cooperation for the ministry of Energy, Novak said” “We see tremendous prospects for development in areas such as energy, exploration, industry, as well as agriculture.”
“We are preparing to develop new technologies that will allow us to adapt to the current climate and environment agenda,” he said.
Not only bilateral cooperation is important, according to Novak, but also international cooperation to stabilize the oil market under the OPEC+ agreement.
“Thanks to our regular meetings, policy coordination between OPEC members and other parties to the Vienna deal has been very successful,” he emphasized.