Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, led here yesterday the Kingdom of Saudi Arabia's delegation to the Russian Energy Week during the period of 2-5, October, 2019 in Moscow.
Prince Abdulaziz took part in a panel discussion with Russian Energy Minister Alexander Novak.
For his part, Prince Abdulaziz highlighted issues pertaining to cooperation for stability of oil markets and global economy.
The Saudi Minister of Energy said that mutual interests necessitate search for ways and means of cooperation between producers and consumers to achieve stability, pointing out that the Kingdom proposed the establishment of the International Energy Forum, of which Russia is one of its prominent members.
"The Kingdom seeks to establish relations within OPEC, as well as with countries wishing to join partnership from non-OPEC. We have now gone beyond that temporary arrangement to a long-lasting relationship between OPEC and non-OPEC countries,” Prince Abdulaziz said, affirming that this alliance will achieve lasting stability of oil markets and benefit all producers, consumers and oil industry.
He added that this alliance will attract investment and will stabilize the financial system in order to enable the global economy to achieve prosperity and growth.
Minister of Energy said that this alliance did not emerge from a passion but from deep and practical thinking in view of what we can do together, pointing out that the first aim is to provide energy.
Prince Abdulaziz asserted that this alliance can occur in many fields such as research and investment at all levels whether in the field of energy or petrochemicals, adding that Saudi Aramco has a research center in Moscow, which will conduce to a strong partnership between Saudi Arabia and Russia.
"The cooperation between the Kingdom and Russia goes back to deep in history. Laying foundations of stability in the oil market comes within the two countries' interests. The two countries have achieved success in enhancing relations with OPEC and non-OPEC countries," he said.