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World oil prices

Putin hails Russia-OPEC cooperation

Speaking about cooperation on investments, Putin recalled the joint work of the Emirate Investment Fund and the Russian Direct Investment Fund

© Mikhail Metzel/TASS

MOSCOW, June 1. /TASS/. Russian President Vladimir Putin noted that the joint work of Russia and OPEC has given a good effect for the oil market. He made this statement at a meeting with Crown Prince of Abu Dhabi Mohammed Al Nahyan.

"Our joint efforts, including those of our friends from Saudi Arabia and OPEC in general, have brought good results for the stabilization of the hydrocarbon market," he said.

The Russian leader thanked the Crown Prince for the initiatives on development of Russian-UAE hi-tech cooperation.

Speaking about cooperation on investments, Putin recalled the joint work of the Emirate Investment Fund and the Russian Direct Investment Fund (RDIF).

According to him, investments in joint projects show a rather high profitability - 15-17%, while the volume of investments has already reached $2 bln.

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Putin noted that, following the talks, it is planned to sign a declaration on strategic partnership between Russia and the UAE.

"This will be another good step in strengthening our bilateral ties," the head of state said.

"We have a large number of joint projects, joint interests. I do hope and believe that today's visit will contribute to strengthening our mutual relations," Putin said.

The head of the Russian state added that he also plans to discuss with Al Nahyan the situation in world politics and economy.

In his turn, the Crown Prince of Abu Dhabi announced his intention to discuss with the Russian leader the situation in the Middle East region and spoke in favor of strengthening the trade and economic partnership with Russia.

"Since the last meeting in the Middle East, many events have taken place, and the UAE wants to cooperate with the entire world community, with all our friends, to ensure a prosperous future for our region. And we also look forward to a detailed discussion of this topic with you," the Crown Prince said.

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