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News > Saudi Arabia

20+ Agreements Signed As Russian President Visits Riyadh

  • The agreements were signed as part of Russian President state visit

    The agreements were signed as part of Russian President state visit | Photo: Reuters

Published 14 October 2019

The agreements were settle over areas like transportation, Oil investments, and food.

More than 20 agreements were signed on Monday between Russia and Saudi Arabia as part of President Vladimir Putin's visit to Riyadh.


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The agreements include the charter of long-term cooperation between the Organization of Petroleum Exporting Countries (OPEC) and oil producers not belonging to the cartel.

Russian Direct Investment Fund, Saudi Arabia's sovereign wealth fund and the world's most valuable company, Saudi Aramco, signed a transaction document to acquire a 30 percent participation in Russia's Novomet, one of the world's leading producers of submersible oil equipment.

The two countries also signed a protocol on energy cooperation in which the Russian Direct Investment Fund (RDIF), Saudi Basic Industries Corporation (SABIC) and ESN Group agreed to invest in the construction and operation of a methanol plant in the Amur region.

The plant is expected to have an annual capacity of up to 2 million tons, according to RDIF.

In addition, the Russian sovereign wealth fund, together with the Saudi Arabian Public Investment Fund and the German investment group KGAL have agreed to invest $600 million in the creation of a joint venture called Roal, which will lease passenger aircraft in Russia.

RDIF and PIF will also invest in NefteTransService (NTS), Russia's leading rail rolling stock operator, worth up to $300 million.

Russia and Saudi Arabia have also agreed to mutually expand exports of agricultural and food products.

Both parties signed a memorandum which, according to the head of the Russian Ministry of Agriculture, Dmitry Patrushev, foresees an increase in the supply of cereals, live animals, livestock products, food, fish products, shrimp, fruits and dates, niche crops and fodder grasses.

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