Gazprom’s branch Gazprom Neft has signed a Memorandum of Understanding with Saudi Aramco, Saudi Arabia’s national oil company, in their intentions to extend their mutually beneficial collaboration in the oil & gas business.
The cooperation between the 2 giant companies included collaboration in many areas, including drilling and workover solutions, pumping equipment improvement, and the design of non-metal pipes on a large-scale basis, Gazprom reported on Thursday.
The two companies are also about to discuss opportunities for their cooperation in experimental engineering and R&D, as well as ways to apply innovative technologies to numerous engineering challenges. Personnel training at production facilities of both companies could be another area of their cooperation.
CEO of Gazprom NeftAlexander Dyukov and president and CEO of Saudi Aramco Amin H. Nasser have signed the document.
In accordance with the cooperation memorandum, the 2 companies could cooperate in the oil & gas field development equipment manufacturing either in Saudi Arabia or in the Russian Federation. Dukov mentioned that given the current macroeconomic uncertainty, it’s very important for major oil producing companies to coordinate their operations in order to help stabilize the worldwide oil & gas industry and that sharing cutting-edge engineering solutions and working hand in hand to improve the efficiency in oil production and refining is a critical component of such an engagement.
The memorandum was signed during a royal visit to the Russian Federation by Salman bin Abdulaziz Al-Saud, King of Saudi Arabia. The “Saudi-Russian Business Investment Forum” to be held in Moscow is the highlight of the royal visit. Its agenda will be “Investment Toward Building a Strong Partnership.” Alexander Novak, Minister of Energy of Russia, has officially opened this forum.
The Saudi Aramco CEO will participate in a panel discussion on “Bilateral Investments.” at this forum which has been organized by a joint effort of the Russian Direct Investment Fund (RDIF), the Council of Saudi Chambers, and Saudi Arabian General Investment Authority (SAGIA). The forum will be a strategic basis for Saudi Aramco to try to attract Russian oil companies to offer advanced training and engineering expertise.
Saudi Aramco reported is expected to sign several more memorandums with the largest Russian companies during the visit.
Russian President Vladimir Putin held talks with King Salman bin Abdulaziz Al-Saud in the Kremlin, also on Thursday. In a statement, the Government said that a broad range of issues on the Saudi-Russian cooperation and opportunities to develop bilateral cooperation in economic, trading, investing, cultural, and humanitarian areas had been discussed.
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