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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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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.