Russia to Cooperate with Saudi Arabia in OPEC+

  • Dmitriev confirmed that the Russian Investment Fund has plans to cooperate with Saudi Arabia in a large number of projects.
  • BP company plans to produce 40% of oil and gas.
  • Looney added that the world's energy transition to a low-carbon future is moving fast.

The head of the Russian Investment Fund, Kirill Dmitriev, praised his country’s cooperation with Saudi Arabia, under the umbrella of the OPEC+ alliance, which resulted in the stability of the oil market after the price collapse in April of last year, following the Coronavirus pandemic.

The Future Investment Initiative is an annual investment forum held in Riyadh, Saudi Arabia, to discuss trends in the world economy and investment environment. It is hosted by the Public Investment Fund of Saudi Arabia.

This came in his speech on Wednesday, at the fourth edition of the Future Investment Initiative conference, under the slogan “New Economic Renaissance,” with the participation of more than 140 prominent speakers at the King Abdulaziz International Conference Center in Riyadh.

“The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time,” said Dmitriev, who has been leading Russia’s diplomacy in Saudi Arabia.

“This partnership is an example of how we can also unite our efforts to address other issues that the world is facing. Energy is definitely something that we have done really well together,” Dmitriev added.

According to the East Bloomberg newspaper, Dmitriev confirmed that the Russian Investment Fund has plans to cooperate with Saudi Arabia in a large number of projects, especially in technical fields, in order to help the Kingdom in the transformation from an importer of these technologies to a producer.

“The fund will proceed with implementing many initiatives with Saudi Arabia,” he added, praising the efforts made by the Saudi monarch and the Crown Prince in transforming the Kingdom into one of the world’s largest investment-attracting regions.

Putin Praises Saudi Arabia

Dmitriev’s comments came hours after a similar tribute to Saudi Arabia’s stances in support of the stability of the energy market, said by Russian President Vladimir Putin Wednesday, in his speech at the Davos World Economic Forum.

Putin said, “ensuring positive development in the world is our common responsibility,” referring to the problems caused by the epidemic, such as imbalance, that have already accumulated in the world.

“This format has become an example of productive interaction between countries with different, and sometimes even opposite assessments of global processes, and their own views of the world,” he added.

Features of BP’s plan to cut carbon emissions

The chief executive of the British oil and gas company, BP, Bernard Looney, revealed the features of his company’s transition plan to reduce carbon emissions. He said that the company’s investments in oil and gas in Russia and the Middle East are in line with the vision and approach regarding flexible hydrocarbons, as part of the transition plan.

“The winds have turned very chilly in the exploration team since Looney’s arrival. This is happening incredibly fast,” a senior member of the team told Reuters.

BP plc is a British multinational oil and gas company headquartered in London, England. It is one of the world’s seven oil and gas “supermajors.”

BP 2030 Plans

The company aims to reduce its own oil and gas production by 40%, and carbon emissions by up to 40%, by 2030, but this goal excludes its 20% stake in Russia’s state-controlled Rosneft, and plans to prioritize investments in its Arctic project.

In the Middle East, BP manages the Rumaila oil field in Iraq, and has oil assets in the UAE and gas assets in Oman.

A Low Carbon Future

Looney added that the world’s energy transition to a low-carbon future is moving fast, and that hydrocarbons will be around for many decades, and it will be their duty to make sure that hydrocarbons are produced in the best possible way.

Doris Mkwaya

I am a journalist, with more than 12 years of experience as a reporter, author, editor, and journalism lecturer." I've worked as a reporter, editor and journalism lecturer, and am very enthusiastic about bringing what I've learned to this site.  

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