Russia, Saudi Arabia discuss joint projects in LNG, hydro and nuclear power, note importance of OPEC+

MOSCOW. Oct 15 (Interfax) - Russian Deputy Prime Minister Alexander Novak and Saudi Arabian Energy Minister Abdulaziz bin Salman, as co-chairs of the intergovernmental commission, have discussed current issues of interaction in key sectors of the economy, the Russian government's press service said.

"Special attention was paid to cooperation in the energy sector. The deputy prime minister said that collective actions within the OPEC+ framework serve long-term national interests and contribute to strengthening both countries' economies. The parties also discussed opportunities for developing joint projects in the fields of LNG, hydro and nuclear power," the press service said.

The meeting took place on the sidelines of the Russian Energy Week international forum, ahead of the Russian-Saudi intergovernmental commission on trade, economic, scientific and technical cooperation and the Russia-Saudi Arabia Business Forum, which will be held on November 5-6 this year in Saudi Arabia.

Bilateral trade increased 62.7% last year. Investment cooperation also shows positive dynamics, with accumulated Russian investments in Saudi Arabia increasing sixfold over the year and investments from the Saudi side in Russia increasing 11%. Over the past ten years, more than 40 joint investment projects have been implemented in information technology, transport, infrastructure, petrochemicals and other sectors of the economy.