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    Saudi Arabian city view with the 'Kingdom Tower', background, and 'Al-Faislia Tower' in Riyadh. (File)

    Atom for Peace: Moscow, Riyadh Aim to Boost Cooperation on Nuclear Energy

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    Russia and Saudi Arabia signed a roadmap that sets out cooperation in the energy industry, including joint work on a number of projects in nuclear industry.

    Nuclear Energy

    Russia and Saudi Arabia are planning to develop and adopt a roadmap for the implementation of cooperation program on the peaceful use of nuclear energy, according to a protocol of the Russian-Saudi intergovernmental commission's meeting in Riyadh that was held on November 2.

    The participation of Russia's Rosatom atomic energy corporation in a competition "on the construction of a high-powered nuclear power plant in Saudi Arabia" is also planned, the protocol said.

    The sides will also hold the second meeting of the joint coordinating committee on the peaceful use of nuclear energy, organize a visit of Saudi specialists to the sites of Russian nuclear facilities and hold a seminar in Riyadh on Russian nuclear technologies, including small and medium-sized reactors.

    Gas and Oil Cooperation

    Riyadh and Moscow have also agreed to examine the possibility of the Saudi Aramco energy company's participation in Russian gas producer Novatek's Arctic LNG-2 project. "The signed roadmap included… the examination of the possibility of participation of the Saudi side in the Arctic LNG-2 project (Novatek on the part of Russia, Saudi Aramco on the part of Saudi Arabia)," the document said.

    According to the session's protocol, the provision focusing on the possibility of Saudi Aramco's participation in Novatek's project was put on the energy roadmap signed by the Russian and Saudi energy ministries in October.

    READ MORE: Russia to Continue Development of Investment Cooperation With Saudi Arabia

    Arctic LNG-2 project, Novatek's large-scale liquefied natural gas project, is located offshore near the remote Gydan Peninsula in northwestern Siberia.

    Also, two countries agreed "sending positive signals to the global oil market via media,” according to the protocol.

    The countries also reaffirmed their commitment to the need for re-balancing the oil market through decreasing the global commercial crude oil stockpiles. Moscow and Riyadh also agreed to ensure the implementation of the oil output cut deal.

    In 2016, the OPEC countries reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices. The agreement was also supported by 11 non-OPEC states. In late May, the parties to the agreement agreed to extend the deal until April 2018.

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    energy, cooperation, Saudi Aramco, Russia, Saudi Arabia
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