Custodian of the Two Holy Mosques King Salman and Russian President Vladimir Putin discussed positive developments in Saudi-Russian relations in Riyadh, where Putin is visiting, on Monday. King Salman and Crown Prince Muhammad Bin Salman, deputy premier and minster of defense, welcomed Putin and Russian Foreign Minister Sergei Lavrov at Al-Yamama Palace here with full military honors. Russia is committed to developing bilateral relations with Saudi Arabia, which have been ongoing for the past 90 years, said Putin, who added that Saudi-Russian cooperation is important to ensure stability in the Middle East. King Salman said that Putin's visit was a "big opportunity" to strengthen the friendship between the two countries. Deals between Russia and Saudi Arabia will have positive outcomes, especially in the energy sector, he added. Trade between Russia and Saudi Arabia increased by 15 percent last year, according to Putin, reported Al-Arabiya English. Russia and Saudi Arabia will sign more than $2 billion of deals and discuss the OPEC+ oil output agreement, according to a senior official. The two countries are both major oil producers, and Moscow recently stated that it remained committed to working with Saudi Arabia to support oil prices by curbing output. Russian and Saudi flags lined Riyadh streets ahead of Putin's one-day visit, which includes an evening performance by Russia's Tchaikovsky Symphony Orchestra. Putin then travels to the United Arab Emirates. In meetings with Saudi leaders, the Russian president will discuss the OPEC+ pact, which has seen production cut by 1.2 million barrels per day since January. The two sides are expected to sign more than $2 billion of deals, including a joint investment by state oil giant Saudi Aramco and Russia's RDIF sovereign wealth fund. RDIF head Kirill Dmitriev said a number of Russian investors were interested in a planned initial public offering of Aramco. The oil major could sell 1-2% through a local listing its chairman said would be announced "very, very soon", ahead of a potential international offering. Energy Minister Alexander Novak said Russia's Gazprom is interested in cooperating with Saudi firms on natural gas. Moscow, the world's largest wheat exporter, made some progress in accessing the Saudi and Middle Eastern markets when the Kingdom agreed in August to relax specifications for wheat imports, opening the door to Black Sea imports. RDIF and Saudi Arabia's SALIC plan to sign an agreement to jointly search for investment projects in Russia's agricultural sector, a source told Reuters. — Agencies
