Russia Negotiating Its Participation in Oil and Gas Production in Saudi Arabia - 14 March, 2003

Russian companies are interested in producing oil and gas in Saudi Arabia, a source at the Russian Energy Ministry said adding that Energy Minister Igor Yusufov had discussed it with Naimi Ali Ibrahim, Saudi Arabian Minister of Petroleum and Mineral Resources.

Igor Yusufov said that Gazprom had taken interest in developing gas deposits. Saudi Arabia is now negotiating gas projects with leading foreign companies. Russia would like to strengthen its position in the country's market.

The ministry source said that the Stroitransgas JSC and Saudi Oger signed an agreement to establish a consortium to participate in the implementation of oil and gas projects in Saudi Arabia and other Middle East and African countries.