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Russian Minister of Energy: Russia, Saudi Arabia begin new stage of energy cooperation

October 23, 2016, 17:32 updated at: October 23, 2016, 19:47 UTC+3

Alexander Novak also said Russia and Saudi Arabia have agreed on technology cooperation on a number of projects

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Russian Energy Minister Alexander Novak

Russian Energy Minister Alexander Novak

© AP Photo/Ivan Sekretarev

RIYADH, October 23. /TASS/. Russia and Saudi Arabia have agreed on technology cooperation on a number of projects and have opened up a new stage of energy cooperation, the Russian ministry of energy said on Sunday after Minister Alexander Novak’s talks with his Saudi and Qatari counterparts, Khalid bin Abdel Aziz al-Falih and Muhammad al-Sada.

"We have agreed on technological cooperation in the area of oil and gas production and refinery, and on the implementation of a number of joint projects," the Russian minister said, adding that other topics for discussion included "cooperation in the nuclear sphere, in the construction of tanker fleet and the electricity sector."

During his stay in Riyadh, the Russian minister met with his counterparts from the Cooperation Council for the Arab States of the Gulf to discuss the implementation of the Algiers oil deal.

"We discussed issues concerning the level of oil production limits in Russia and other countries which may join the agreement. However it is too early to speak about any concrete figures as the process of coordination of positions is still underway. We will continue our work with experts on November 30 when OPEC plans to arrive at a common decision," Novak said, adding that oil producing countries would be satisfied with the oil market balancing solutions that are now being looked at.

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