Saudi Arabia to Let Russia into Domestic Oil Industry

Russia and Saudi Arabia may begin to work more closely in the oil and gas sector over the coming years. As a Rosbalt correspondent reports, this was announced at a press conference in Moscow on Friday, March 14 by President of the Committee for International, Cultural, Scientific and Business Cooperation with Iraq and former Fuel and Energy Minister Yuri Shafrannik.

He pointed out that a council had recently been formed between the energy ministries of Russia and Saudi Arabia to coordinate the two countries' joint projects, especially in the oil and gas sector. Mr Shafrannik said that several Russian companies had already received offers to work with Saudi Arabian companies through this council.

Mr Shafrannik remarked that 'Saudi Arabia is rather a closed country especially in terms of its oil industry.' However, he is certain that the increasing participation of Chinese enterprises in the Saudi Arabian oil industry could serve as an 'encouraging example' for Russian firms. Moreover, the former minister emphasised, Russian producers of oil and gas equipment have expertise that Saudi Arabian oil producers are interested in.