Saudi to reduce oil stockpiles By

Putin Saudi king talk Syria Gulf crisis on phone

Saudi Energy Minister Khalid al-Falih expressed confidence yesterday that cooperation between OPEC and non-OPEC allies will stabilise oil markets.

Sources told Reuters previous year that Chinese state oil companies were willing to be cornerstone investors in the Aramco IPO, which could become the world's biggest, valuing the firm at up to $2 trillion and raising more than $100 billion.

"We see a great interest from the Russian banks, from Russian investment banks and other Russian investors", he said on the sidelines of a conference in the Russian Black Sea resort of Sochi.

"We will see how the IPO process progresses but we see significant interest to invest in the Aramco IPO, from Russian Federation, from China".

He said that all of these collaborations are very important because they allow us to learn from people who bring a different perspective than us.

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The minister also said that Novatek and Saudi Aramco have been in discussion over the Arctic LNG-2 project, which aims to start producing liquefied natural gas from 2022-2023, and that an agreement could be signed this year at an economic forum in St Petersburg.

"Therefore the role that RDIF plays in Russian Federation and the role that PIF [the Public Investment Fund of Saudi Arabia - TASS] and Saudi Aramco play from our side, introducing companies to each other, pursuing investment deals, de-risking investment through better information, making sure that market exists for their products can not be overemphasized", the minister noted. "It will become part of Aramco's gas strategy", said al-Falih.

In October, Russia and Saudi Arabia announced a $1 billion fund to invest in energy projects.

Putin explained to the Saudi king that the ongoing crisis with Qatar "does not serve the interest of the Middle East's stability, and does not contribute to the consolidation of joint efforts to fight terrorism", according to the same source.

They also reviewed fruitful cooperation between the Kingdom and Russian Federation in order to achieve stability of the oil global markets serving the growth of the global economy.

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