Russia and Saudi Arabia signed 5 year Oil Agreement

Russia, Saudi Arabia Sign Oil Agreements

Guardian -Tuesday September 2, 2003

MOSCOW (AP) - Russia and Saudi Arabia - the world's largest oil exporters - signed oil industry cooperation agreements Tuesday during a landmark visit to Moscow by the Arab kingdom's ruler.

The two sides also were expected to take up the sensitive question of whether rebels in the secessionist republic of Chechnya receive funding from Saudi charities.

Crown Prince Abdullah, who met with President Vladimir Putin, is the first Saudi head of state to visit post-Soviet Russia. A Saudi crown prince last visited in 1932.

After talks, Russian and Saudi energy ministers signed a five-year agreement on cooperation in the oil and gas industry. The deal also calls for joint ventures in oil and gas exploration and scientific research, according to the text released by the Russian Cabinet.

Russia is the world's second-largest oil exporter behind Saudi Arabia.

The two countries were also expected to address the situation in Iraq and the Middle East peace process. Riyadh hopes the visit will strengthen Russia's support for Arab causes, particularly the Palestinian issue.

All trademarks and copyrights on this page are owned by their respective companies.

printed from Russia and Saudi Arabia signed 5 year Oil Agreement on 2004-06-03 15:57:10