Russia, Saudi Arabia Eye Joint LNG Projects

Russian Deputy Prime Minister Alexander Novak met with Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman Al Saud, during the Russian Energy Week forum.

The discussion centered on opportunities to develop joint projects in liquefied natural gas (LNG), hydro, and nuclear energy, according to a statement from the Russian government, The Caspian Post reports, citing TASS.

"On the eve of the meeting of the Joint Russian-Saudi Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation and the Russia-Saudi Arabia Business Forum scheduled to take place on November 5-6 in Saudi Arabia, Alexander Novak and Prince Abdulaziz bin Salman, co-chairs of the intergovernmental commission, discussed current cooperation issues in key sectors of the economy," the report reads.

Special focus was placed on energy cooperation, according to the report. Collective actions within the OPEC+ framework serve both countries’ long-term national interests and contribute to strengthening their economies, Novak emphasized. The parties also discussed the potential for joint projects in LNG, hydro-and nuclear energy.

Bilateral trade continues to grow dynamically, the report said. Trade volume increased by 62.7% in 2024, the total volume of accumulated Russian investment in Saudi Arabia grew six-fold, while Saudi investment in Russia increased by 11%. More than 40 joint investment projects have been implemented across various fields, including cybertechnology, transport, infrastructure, and petrochemicals, over the past decade.

Moreover, mutual tourist flows have grown significantly in five years, with the number of Saudi visitors to Russia having increased eight-fold, while the number of Russian tourists travelling to Saudi Arabia having almost tripled.

"We are successfully developing our bilateral partnership and maintaining close interaction on the international stage," Novak said.