Russia, Saudi Arabia cement new friendship with king's visit

Russia, Saudi Arabia cement new friendship with king's visit

Yet while officials were upbeat about the country's progress in preparing for next year's tournament, they stressed that much still needed to be done.

The King of Saudi Arabia, Salman bin Abdul Aziz Al Saud, arrived in Moscow on September 4. On Thursday, Putin received the monarch in the gold-decorated St. Andrew Hall, one of the grandest spaces in the Kremlin, attended by soldiers in ceremonial dress and with an orchestra playing their countries' national anthems.

"This is the first visit by a Saudi Arabian monarch in the history of our relations and that in itself is a landmark event", Putin said as he welcomed King Salman to Moscow in an ornate gilded Kremlin hall.

The Saudi King's trip to Moscow is nothing short of a historic event, given the fact that it is the first time a Saudi monarch has visited Russian Federation in the history of bilateral ties. "Saudi Arabia plans to launch a major nuclear power program", said Russian Energy Minister and Co-Chairman of the Russian-Saudi Intergovernmental Commission Aleksandr Novak.

OPEC and its partners, including Russian Federation, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group AG.

"The lower price of oil means Saudi Arabia is permanently worse-off, but the government still spends as if it isn't", said Daoud.

Brent was up $1.19 cents at $56.99 a barrel by 12:25 p.m. EDT (1625 GMT). Signatories to the document were Alexander Dyukov, CEO of Gazprom Neft, and Amin H. Nasser, President and CEO, Saudi Aramco.

The leaders and high-level representatives are expected to tackle what has positioned them on opposing sides of a bloody warfare in Syria.

Russian state media hailed King Salman's visit as evidence that Russia's backing for Mr Al Assad had made Mr Putin "master of the Middle East". His Saudi counterpart, Adel al-Jubeir, said new horizons had opened for Russia-Saudi ties that he could not previously have imagined.

"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.

The defense cooperation between Russian Federation and Saudi Arabia are listed among the main topics of the talks in Moscow.

Kirill Dmitriev, head of the soverign wealth fund Russian Direct Investment Fund told media the fund would seek areas of synergy.

He also mentioned that Russian firms have been discussing possible future deals with energy giant Saudi Aramco, such as the provision of drilling services in Saudi Arabia and in crude trading.