In Moscow, Saudi king slams Iran, signs billion dollar defense, energy deals

In Moscow, Saudi king slams Iran, signs billion dollar defense, energy deals

In Moscow, Saudi king slams Iran, signs billion dollar defense, energy deals

The dramatic improvement in relations between Russian Federation and Saudi Arabia comes even though both countries support different sides in the six-year war in Syria.

President Vladimir Putin said on Wednesday that a military strike against North Korea created to destroy its nuclear and missile program might not succeed because Pyongyang could have hidden military facilities that nobody knows about.

That would buffer drillers against losses if the price were to decline, which may spur more United States production - partially offsetting the OPEC-led deal to cut supply by about 1.8 million barrels per day (bpd).

Russia's Rosoboronexport and the Saudi military consortium signed a memorandum on the manufacturing rights of Russian military equipment in Saudi Arabia. Putin said. "I think that all things change". That agreement, to March 2018, could be extended, President Putin told reporters yesterday.

But prices are still half their mid-2014 levels.

Novak said the two countries' business circles maintain intensive dialogue, and he pointed out that the Saudi delegation to Moscow included 85 chief executives of major Saudi companies.

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Saudi Arabia has agreed to buy the Russian S-400 air defense system, Saudi-owned al-Arabiya television reported on Thursday, on the sidelines of a visit by Saudi King Salman to Moscow.

While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict, with Moscow supporting the regime of President Bashar al-Assad and Riyadh backing the opposition. Russian Federation and Iran have staunchly backed Syrian President Assad while Saudi Arabia has supported the Sunni rebels fighting to oust him.

Speaking alongside Lavrov, Saudi Foreign Minister Adel al-Jubeir said that Moscow and Riyadh agreed on the need to preserve Syria's territorial integrity.

Russian Federation is not a member of the oil cartel Opec, but it has collaborated with Opec members on suppressing production to drive up oil prices.

The deals include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak as saying in an interview with the Financial Times newspaper.

The King, who arrives in Moscow on October 5, will have several investment deals on his plate, including on a liquefied natural gas project and petrochemical plants, and could also sign plans for a $1-billion fund to invest in energy projects.

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