Saudi-Russian trade exchange grows 54% in nine months
The volume of trade exchange between Saudi Arabia and Russia amounted to $1.2bln
Russian President Vladimir Putin and Saudi Arabia's King Salman attend a meeting in Riyadh, Saudi Arabia, October 14, 2019. Picture taken October 14, 2019. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS
By Staff Writer, Mubasher
Riyadh – Saudi-Russian trade exchange grew by 53.8% over the first nine months of 2019 on the prior year, Russian energy minister Alexander Novak said.
The volume of trade exchange between Saudi Arabia and Russia amounted to $1.2 billion over the nine-month period ended September, Novak said on Thursday.
Saudi Public Investment Fund (PIF) and Russian Direct Investment Fund (RDIF) invested around $2 billion in Russian projects.
Novak’s remarks came during a meeting with his Saudi counterpart Prince Abdulaziz bin Salman in Vienna on the sidelines of a meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, an alliance known as OPEC+.
“We highly appreciate the existing dialog, including at the highest level, […] and are confident that we need to continue our cooperation both through international cooperation and in the direction of mutual development of energy and economic ties,” Novak said.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.