Vladimir Putin met with Crown Prince of Saudi Arabia Mohammad bin Salman Al Saud in his palace complex. They discussed, in part, bilateral cooperation in the world energy market.
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President of Russia Vladimir Putin: Your Highness, I am very happy to see you again, this time in Saudi Arabia.
As you have seen, we have already started a detailed discussion of the entire range of issues pertaining to our relations. The Saudi King and I reviewed this in detail during the talks and reception.
Your Highness, we appreciate your personal efforts to strengthen the entire range of Russian-Saudi cooperation, including the trade, economic and investment areas.
As I have already said, our trade is growing. With your support, the Public Investment Fund of Saudi Arabia (PIF) has allocated $10 billion for joint projects with the Russian Direct Investment Fund (RDIF). The mechanism of automatic co-investment is also functioning well. We have reached agreements on new initiatives involving Saudi investment.
Our countries work together to resolve major international and regional problems. We cooperate in the United Nations and the G20, where Saudi Arabia will assume the presidency next year, and through strategic dialogue between Russia and the Cooperation Council for the Arab States of the Gulf.
We both support efforts to counter the terrorist threat and achieve long-term political and diplomatic settlement of crises in the Middle East and North Africa.
We attach much importance to Russian-Saudi coordination in the world energy market. Owing to the active participation of our countries, we managed to extend agreements in the OPEC+ format on reducing oil production.
Your Highness, all our cooperation is aimed at promoting peace and security in the region and stabilising the world energy industry. All this is producing good, positive results.
I would like to thank you once again for your efforts to carry out these joint plans.