Gazprom, Saudi Aramco extend O&G partnership during royal visit
- Business & Finance
Gazprom’s subsidiary, Gazprom Neft has signed a memorandum of cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in oil and gas industry.
Gazprom said on Thursday that the cooperation between the two companies envisaged collaboration in various areas, including drilling and well workover technologies, improvements to pumping systems, and the development of large-scale non-metal pipes.
The parties also plan to discuss perspectives for collaboration in research and development and experimental engineering works, as well as options for applying innovative solutions to a wide range of technological challenges.
A separate area of collaboration could include employee training at production facilities of both companies.
The signatories to the document were Alexander Dyukov, CEO of Gazprom Neft, and Amin H. Nasser, president and CEO of Saudi Aramco.
According to the signed document, the two parties could collaborate on the production of equipment for oil and gas field development by localizing production either in Russia or Saudi Arabia.
Dyukov said: “Given the ongoing macroeconomic uncertainties, it is of paramount importance that major oil producers coordinate their activities to improve the stability of the global oil and gas market.
“An important component of such engagement concerns sharing cutting-edge technological solutions and working together to improve efficiency in oil production and refining.”
The MoU was signed during a royal visit to Russia by the King of Saudi Arabia, Salman bin Abdulaziz Al-Saud. The highlight of the visit is the “Saudi-Russian Business Investment Forum” to be held in Moscow under the theme: “Investment, Toward Building a Strong Partnership.” The forum was officially opened by Russia’s Minister of Energy Alexander Novak.
Jointly organized by the Saudi Arabian General Investment Authority (SAGIA), Council of Saudi Chambers, and the Russian Direct Investment Fund (RDIF), the forum will see the Saudi Aramco CEO participate in a panel discussion on “Bilateral Investments.”
The forum will serve as a strategic platform for Saudi Aramco to potentially attract Russian companies to offer skills development and technological expertise.
According to Saudi Aramco, the company is expected to sign several more MoUs with major Russian companies during the visit.
Also on Thursday, President of the Russian Federation Vladimir Putin held talks with King Salman in the Kremlin.
In a statement released by the Kremlin, the Government said that a wide range of issues on Russian-Saudi cooperation were discussed as well as prospects for building up bilateral cooperation in trade, economic, investment, cultural, and humanitarian spheres.
Offshore Energy Today Staff