Visitor of the St. Petersburg International Economic Forum (SPIEF)-2019 - Sputnik International

LIVE UPDATES: Day One at St. Petersburg International Economic Forum

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St. Petersburg International Economic Forum (SPIEF) is an annual Russian business forum held in St. Petersburg since 1997. This year, the event is taking place on 6–8 June at the ExpoForum Convention and Exhibition Centre.

Last year's forum brought together around 17,000 participants from over 140 countries, including heads of state and governments, corporate leaders, well-known scholars, media workers, and many others. According to the forum's organisers, the participants signed almost 600 agreements worth over 2.6 trillion roubles (about $40 billion).

In the meantime, this year the event is set to be attended by at least 14,000 guests, with a massive Chinese delegation, led by President Xi Jinping.

Rossiya Segodnya International Information Agency is an official media partner of the forum.

 

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20:31 GMT 06.06.2019

Russian Energy Minister Alexander Novak discussed on Thursday with Saudi Energy Minister Khalid Falih OPEC-non-OPEC cooperation, the Russian Energy Ministry said in a statement.

The meeting took place on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"During the meeting, the energy ministers of Russia and Saudi Arabia discussed the current cooperation of the countries in the framework of the OPEC-non-OPEC agreements, as well as the agenda of the upcoming meeting of the joint Russian-Saudi intergovernmental commission ... scheduled for June 10 in Moscow," the statement said.

20:02 GMT 06.06.2019

The delegation of Russian company Ruzoil is in Venezuela discussing the possibility of strategic partnership with Venezuelan corporation CVG (Corporación Venezolana de Guayana) in metallurgy, Venezuelan Vice President Tarek El Aissami said.

"A delegation led by the Ruzoil's head is in Venezuela to assess the possibility of strategic partnership with Corporación Venezolana de Guayana, especially in the iron and steel sector," El Aissami said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

 

19:14 GMT 06.06.2019

A trade war between the United States and China may cause China’s economy to contract and a global economic downturn, the CEO of Russia’s largest lender Sberbank said Thursday.

Herman Gref spoke at the SPIEF economic forum in St. Petersburg. The three-day event began earlier in the day. It has attracted officials and business leaders from Russia and abroad.

"China alone accounted for 36 percent of the global economic growth over the past decade. If you add India to China, their combined contribution would be more than a half of the global GDP. A slowdown in these countries will be felt by all," he said.

Gref added that his bank was closely watching the unfolding standoff between the world’s two largest economies and warned that the repercussions of tit-for-tat tariffs should not be overlooked.

18:47 GMT 06.06.2019

"Let's speak about the future. I think that the Russia-UK relations can have a bright future in various areas," Zakharova told the RT broadcaster on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

17:41 GMT 06.06.2019

Saudi Arabia and Russia are boosting cultural dialogue via a new exhibition on artificial intelligence in Hermitage museum in St. Petersburg and more cultural exchange projects could be expected in the future, a spokesperson for the Saudi Ministry of Culture told Sputnik on Thursday.

The exhibition, organized by Hermitage and Russian Direct Investment Fund, is set to open on Friday.

"The show is on display at the Hermitage until July 7. AI and art was suggested to us as the theme. But it’s certainly a fascinating and timely topic and one that we can expect to feature prominently in the future ... We can expect more cultural exchange to come ... For now I can say that there’s a great opportunity in St. Petersburg to see this tremendous show which brings together art and AI and which showcases two of Saudi’s great artistic talents," the spokesperson told Sputnik on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The spokesperson stressed that the new ministry of culture was "committed to building bridges of understanding and supporting the Saudi 2030 Vision."

"My artwork 'Being and Existence,' examines the link between language and emotions by developing an abstract form of language derived from the Arabic alphabet," one of the artists, Lulwah Al Homoud, added.

The exhibition explores the impact that AI technologies can make on art. AI is capable of creating works of art and then analyzing the results due to its ability to go through vast amounts of data.

Saudi 2030 Vision is Saudi Arabia's plan to diversify its economy and develop various service sectors.

16:37 GMT 06.06.2019

The European Parliament has little influence on EU relations with Russia, but the new European Commission could make an impact, Emmanuel Quidet, the president of French Chamber of Commerce and Industry in Russia, told Sputnik on Thursday.

In late May, EU voters went to polls to choose members of the European Parliament. The parliament will have a say in who becomes the head of the EU executive branch, the European Commission. The president and the commissioners will have to be nominated by EU leaders first before the parliament can vote on the candidatures.

"European Parliament has little influence on Russia-EU relations. It's a new European Commission that could have an influence, but we don't know its composition yet. [We will know more] in June or July," Quidet said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Quidet added that French-Russian cooperation was ongoing despite sanctions.

"France is present in nearly all the sectors. It is the second investor in Russia. But all sectors of activities can always be more developed, there is an enormous need [for that] in Russia," Quidet said.

15:18 GMT 06.06.2019

Hungary's Foreign Minister Peter Szijjarto said, speaking at the St. Petersburg International Economic Forum (SPIEF) on Thursday, that it was high time to reconsider the necessity for economic sanctions against Russia.

"As for sanctions, when they were introduced, they pursued economic and political goals. The economic goals were to harm the Russian economy, and the political ones were to create conditions for implementing the Minsk agreements. Neither of these [goals were] achieved. On the contrary, opportunities have been created for conducting a real, honest analysis of whether there is any point in maintaining the sanctions regime at all," Szijjarto said at the Valdai Discussion Club Session taking place withing the framework of SPIEF.

15:17 GMT 06.06.2019
15:04 GMT 06.06.2019

Recruitment Campaign for 2020 EURO Volunteers Kicks Off in St. Pete

A campaign to recruit volunteers to work at matches during the 2020 the European Football Championship, which will be held in St. Petersburg, has started.
The 2020 EURO volunteer programme was presented at the St. Petersburg International Economic Forum (SPIEF) on Thursday

14:55 GMT 06.06.2019

There are conditions for increasing gas supplies from Russia and gas transit through Bulgaria, Bulgarian President Rumen Radev said Thursday at a meeting with Russian President Vladimir Putin.

"I would like to inform you in more detail that Bulgaria continues to modernize its gas transportation system with plans to create a gas distribution hub and a gas exchange. We are also creating inter-connectors with our neighbors. This brings new opportunities, additional opportunities for Russian gas supplies to Bulgaria, and to new destinations in Central Europe," Radev said at the start of talks with Putin on the sidelines of St. Petersburg International Economic Forum (SPIEF).

SPIEF began on Thursday and will last through Saturday. Rossiya Segodnya International Information Agency is an official media partner of the forum.

14:35 GMT 06.06.2019

Russian Foreign Minister Sergey Lavrov and his Greek counterpart, Giorgos Katrougalos, met Thursday on the sidelines of the SPIEF economic forum in St.Petersburg to discuss the situation in the Balkans as well as other regional and global issues, the Russian ministry said.

The St. Petersburg International Economic Forum (SPIEF) began on Thursday and will run through Saturday. Rossiya Segodnya International Information Agency is its official media partner.

"They discussed approaches to urgent international and regional issues, including the situation in the Eastern Mediterranean, the Middle East and the Balkans. They confirmed that crises in Syria, Ukraine and Venezuela could only be resolved by law-based political and diplomatic means," the ministry said.

The two diplomats also reaffirmed their commitment to advancing Russian-Greek trade, economic, cultural and humanitarian projects and welcomed the cross-year of language and literature, which started this May.

14:30 GMT 06.06.2019

Venezuela intends to pay off its debt to Russia in full, the next payment is scheduled for September 30, Venezuelan Minister of Economy and Finance Simon Zerpa told Sputnik on Thursday.

"We have an upcoming payment date of September 30, in the amount of $200 million, and we have already announced that we will repay the debt," Zerpa said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Russian Deputy Finance Minister Sergei Storchak earlier explained that servicing Venezuela’s debt to Russia involves payments twice a year. The previous payment was made in April. At present, Venezuela pays off only interest on the debt, while the period for the repayment of the loan itself, along with the interest, should begin later.

13:50 GMT 06.06.2019

"So we are still working on that [return of blocked funds], we are trying to secure our assets in normal places, for example like Russia, China, and we are willing to keep on fighting the sanctions and try to get our assets back … The new assets and the new money we are making from our exports, we are trying to keep it in secure places", Minister of Economy and Finance Simon Zerpa told Sputnik.

He added that Venezuela would have to "wait a little bit longer" before it could get back its funds that had been frozen abroad.

"We are trying to get it back because we are suffering an illegal situation. We have lawyers, we have demands, we have hearings in court, but we have to wait a little bit longer because the damage made by the US is huge", the minister said.

13:46 GMT 06.06.2019

"A delegation led by the Rusal chief is in Venezuela to assess the possibility of the strategic partnership with Corporación Venezolana de Guayana, especially in the iron and steel sector", Vice President Tarek El Aissami said.

13:42 GMT 06.06.2019
13:40 GMT 06.06.2019

"We are not going to join OPEC, but we have a certain cooperation mechanism, and our decisions will be coordinated", Putin said at a meeting with information agencies heads.

He added that Russia and OPEC had some differences considering oil prices, but this was only natural.

13:37 GMT 06.06.2019

"It is quite possible that our specialists completed some work there, not only military experts but ones from the industry as well. Some of them left, someone may have come again. We do not create anything on purpose, no military bases there, we are not sending troops there", the Russian President said.

"This has never happened, we have fulfilled and will continue to fulfil our contractual obligations in defence industry cooperation", Putin noted at a meeting with the chief executives of international news agencies.

13:31 GMT 06.06.2019

For internal payment for use in Venezuela several options are on the table. That we need to use — maybe not something as big as UnionPay but we will have internal [payment] system in bolivars. We have options, more than one, and we will implement it in the next days because we have to be ready when Visa and Master[card] are gone", Minister of Economy and Finance Simon Zerpa said.

13:26 GMT 06.06.2019
13:23 GMT 06.06.2019

"On the morning of the first SPIEF 2019 day, Gov. Andrei Vorobyov signed a package of agreements: [Russia's] InfraVEB will build a breast milk supplement plant, [Japan’s] Marubeni Corporation will be growing strawberries in the city of Elektrostal all year round, while [Russia's] EkoNiva-APK will make cheese and other dairy products in the town of Stupino", a spokesperson of the governor of the Moscow Region said.

The agreements are expected to create over 2,000 jobs.

13:21 GMT 06.06.2019

"The oil demand will grow steadily by about 1 percent per year, which means a consumption increase in absolute volumes. By 2040, the oil consumption worldwide will increase by about 20 million barrels per day", Rosneft CEO Igor Sechin said

13:14 GMT 06.06.2019

Energy talks at the forum should focus on supply security amid international sanctions against Russia, Iran, and Venezuela, Yury Sentyurin, the secretary-general of the Gas Exporting Countries Forum (GECF), told Sputnik.

"Sustainable development and energy security [should be discussed], especially when there is such a situation. We calculated that GECF countries own 70 percent of world gas reserves. From that volume, if we take Russia, Iran, Venezuela, Libya and Algiers where the situation is very troubling, from that 70 percent, almost 40 percent is in an unstable zone, that is affected by the sanctions regime — imposed or announced. When we talk about such volumes, we should think about energy security and supply security, it should be discussed, otherwise, it would be irresponsible," Sentyurin said when asked what should be the focus of SPIEF energy discussions.

GECF chief remarked that "oil and gas people work honestly."

"But their work goes together with great risks of financial transactions, deals, equipment deliveries through international arteries. This question seems obvious, and more importantly it is up in the air," Sentyurin said.

Meanwhile, the International Energy Agency said in April that it was ready to ensure that markets would remain well supplied amid US sanctions against Iran.

In addition, Omani Oil Minister Mohammed Rumhi said earlier in May that large oil producers, like Saudi Arabia and Russia, would be capable of compensating for the decrease in Iranian oil exports

13:11 GMT 06.06.2019
13:08 GMT 06.06.2019

CEO of Russian natural gas giant Gazprom Alexey Miller and Moldovan President Igor Dodon held a meeting at the forum to discuss deliveries of Russian gas to the republic and the transit of the fuel through Moldova to other countries, the company said.

"The sides have discussed progress and prospects of cooperation in the energy field. In particular [the two sides] addressed issues related to the delivery of Russian gas to Moldova and its transit through the republic's territory," Gazprom said in a statement.

Miller and Dodon also agreed to start negotiations on new gas contracts from January 1, 2020, the statement added.

In 2018, Moldova received a total of 2.9 billion cubic meters (102 billion cubic feet) of gas, which marked an over 8 percent increase compared to the previous year. The current gas contract between Chisinau and the Russian energy giant is set to expire at the end of 2019.

13:04 GMT 06.06.2019
12:56 GMT 06.06.2019

"We [people] are informational predators: we need constant recharging, informational food, preferably fresh. In this case, we believe that we have received another source of this informational food", Rossiya Segodnya Director General Dmitry Kiselev, who signed the agreement on behalf of the news agency, said.

According to Roscongress Foundation CEO Alexander Stuglev, the co-signer, the agreement was symbolic for the beginning of the first working day at SPIEF.

"It is absolutely clear that if you do not have a reliable informational friend, I am not even talking about a 'partner,' you can organize the best event in the world, but no one will know about it", he added.

12:54 GMT 06.06.2019
12:53 GMT 06.06.2019
12:49 GMT 06.06.2019

Venezuelan Vice President for Economy Tarek El Aissami called on the global community on Thursday to ensure necessary political conditions for stabilizing the global energy market.

"It is necessary to ensure sustainable development of the oil and gas market. As I see it, we should first of all make effort to create a harmonious geopolitical world structure, a balanced world structure. This has to be done for the sake of well-being of all the peoples", El Aissami said

12:47 GMT 06.06.2019

Delegations from nearly all EU countries, as well as senior officials from Cambodia, Vietnam, South Africa, Kenya, Egypt, the Central African Republic and Ivory Coast, will take part in various business sessions at the St. Petersburg International Economic Forum (SPIEF).

This year, discussions on finding a balance in the global energy market to improve the world economy appear to be at the forefront of SPIEF. Thursday and Friday will start with energy giants Rosneft, BP, Shell, Total, as well as ministers from Russia, Saudi Arabia, and Qatar, discussing developments in global markets.

On Thursday, an energy panel led by Rosneft CEO Igor Sechin will be attended by Qatari Finance Minister Ali Shareef Al-Emadi, BP chief Bob Dudley and Exxon Mobil’s Neil Duffin, who will exchange views on market trends and the impact of geopolitical risks.

Officials from such major companies as Google, Total, Siemens, Huawei, Sanofi, Wintershall, Airbus, Deutsche Bank, along with representatives of the foreign chambers of commerce in Russia will also talk business at SPIEF.

Over the past two decades, SPIEF, which has been held since 1997, has become one of the leading global platforms to discuss global economic issues. Rossiya Segodnya International Information Agency is an official media partner of the SPIEF forum.

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