Saudi Arabia meets Russia on Oil, Investment and Syria

Foreign News

Saudi Arabia's King Salman

The leaders of Saudi Arabia and Russia, the world's biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigning Saudi Monarch.

A slew of investment deals, including on a liquefied natural gas project and petrochemical plants, could also be signed during King Salman's trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised.

The visit, including talks in the Kremlin with President Vladimir Putin, reflects a rapid deepening of ties between Russia and Saudi Arabia, driven by a mutual need to stem a drop in global oil prices.

The two countries helped secure a deal between OPEC and other producers to cut output until the end of March 2018, but back competing sides in Syria's civil war.

Riyadh supports rebels fighting President Bashar al-Assad's forces while Russian troops and Iranian militias have sided with Assad. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

"The Saudis want help on Iran, and Russia wants trade and investment," said Mark N. Katz, an expert on Russia-Middle East relations at George Mason University. "In the Saudi mind, they're definitely linked and the Russians are going to try to separate these."

Billboards have been erected on the road from the airport to central Moscow welcoming King Salman in Arabic and Russian.

Muhammad Bin Salman, Saudi Arabia's Crown Prince

His son, Prince Mohammed bin Salman, visited in May just before his elevation to crown prince, and in 2015 the countries' sovereign wealth funds agreed to $10 billion in investments.

Credit: Reuters

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