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Russia’s energy minister suggests Qatar should consider boosting mutual trade to $500 mln

Qatar’s Energy Minister Mohammad bin Saleh al-Sada has agreed adding that Qatar will be "developing the trade and economic ties to bring them in line with existing potential"

Qatar's Energy Minister Mohammed Saleh Al Sada and Russia's Energy Minister Alexander Novak Sergei Fadeichev/TASS

Qatar's Energy Minister Mohammed Saleh Al Sada and Russia's Energy Minister Alexander Novak

© Sergei Fadeichev/TASS

MOSCOW, June 3. /TASS/. Russia’s Energy Minister Alexander Novak has suggested that Qatar should consider the possibility of boosting mutual trade with the Russian Federation to $500 million.

"I don’t think the rate [of trade turnover between the countries - TASS] meets its potential. I suggest that we should set an ambitious goal of studying the possibility of boosting mutual trade to at least $500 mln and even more," Novak said at the meeting of Russian-Qatari commission of trade, economic and technical cooperation on Friday.

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"I fully agree that the volume of investment and trade between our countries does not meet the potential despite the slight increase," Qatar’s Energy Minister Mohammad bin Saleh al-Sada said, adding that "more ambitious targets should be set" and Qatar will be "developing the trade and economic ties to bring them in line with existing potential."

According to Mohammad bin Saleh al-Sada, the main aim of the two countries’ governments is to "open the doors for the private sector and stimulate private entrepreneurship."

"We’ve agreed to reach $500 mln worth of trade turnover and probably go even further," he added.

Novatek and Gazprom interested in cooperation with companies of Qatar

According to the Russian energy minister, Russian companies Novatek and Gazprom are interested in cooperation with Qatari companies.

"Gazprom is working with Qatargas on joint participation in gas markets, purchases of liquefied petroleum gas. Novatek is interested in participating in the liquefied natural gas market with the Qatari company," Novak said.

He noted that within the framework of the intergovernmental commission (Russian-Qatari Commission of Trade, Economic and Technical Cooperation) issues of cooperation in areas such as energy, oil and gas and electricity were discussed.

"Our countries are major producers and exporters of gas in the world, so of course we have a lot in common, and cooperation in this direction will be a major one," Novak said.

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