Saudi Aramco Chairman Eyes IPO In Second Half Of 2018 (ALLIPO)

Saudi Aramco Chairman Eyes IPO In Second Half Of 2018 (ALLIPO)

Saudi Aramco Chairman Eyes IPO In Second Half Of 2018 (ALLIPO)

Saudi Arabia's King Salman met Russian President Vladimir Putin at the Kremlin today for historic talks that focused on Syria and further cooperation on oil production.

A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russian Federation.

However, the agenda also included issues on which the two sides deeply differ, including the war in Syria.

Later the Saudi monarch invited President Putin to Riyadh.

Experts believe that the state visit of the Saudi monarch to Moscow may justify Russia's hopes in the field of economic and defense cooperation with the largest monarchy of the Gulf.

"This is the first visit of the King of Saudi Arabia to Russian Federation in the history of our relations, which in itself is a very significant event".

On Wednesday, Mr Putin said a global deal to cut oil production in order to raise prices could be extended to the end of next year.

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He said he welcomed the "flexibility" shown by Russian Federation on the issue and said the Saudi government aimed to "be flexible in leading the producing countries in and outside of OPEC to a consensus that takes the market to where we want it to be". The kingdom's plan for an initial public offering of state-owned Saudi Aramco is on track for the second half of next year, Al-Falih said. Benchmark Brent crude pared declines to trade at $55.86 a barrel at 3:16 p.m. Moscow time. Mr Putin sent in Russia's military to prop up Bashar Al Assad, the Syrian leader, in 2015, while the Saudis are financing rebel groups. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

Following a meeting in Vienna in September, OPEC and Russian Federation said they were about halfway toward clearing the global glut and urged fellow producers to stay focused and finish the job, while stopping short of announcing additional action.

His Saudi counterpart, Adel al-Jubeir, said new horizons had opened for Russia-Saudi ties that he could not previously have imagined.

Earlier this year Saudi Arabia pledged billions of dollars of investment in projects in Indonesia and Malaysia to ensure long-term oil supply deals.

"We aim to strengthen our relations in the interests of peace and security, in the interests of developing the world economy", the Saudi king responded, according to AFP news agency.

A package of investments announced during the visit will go some way to plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of sanctions imposed after Moscow annexed Crimea in 2014.

Another memorandum of understanding was signed under which Russian petrochemicals firm Sibur would explore cooperation with Saudi Arabia. "But what you mention in particular - nothing from Saudi Aramco", Nasser told reporters in Moscow, when asked about the possibility of investing in the Novatek LNG project, known as Arctic LNG-2. "The market can absorb it", Falih said, speaking alongside Russian Energy Minister Alexander Novak on a panel at an energy forum in Moscow.

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