The leaders of Saudi Arabia and Russia, the world\u2019s biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigning Saudi Monarch. A slew of investment deals, including on a liquefied natural gas project and petrochemical plants, could also be signed during King Salman\u2019s trip and plans for a $1-billion fund to invest in energy projects are likely to be finalized.<\/p>\n
The visit, including talks in the Kremlin with President Vladimir Putin, reflects a rapid deepening of ties between Russia and Saudi Arabia, driven by a mutual need to stem a drop in global oil prices.<\/p>\n
The two countries helped secure a deal between OPEC and other producers to cut output until the end of March 2018, but back competing sides in Syria\u2019s civil war. Riyadh supports rebels fighting President Bashar al-Assad\u2019s forces while Russian troops and Iranian militias have sided with Assad. This leaves Moscow aligned with Saudi Arabia\u2019s arch-rival Iran, whose influence Riyadh fears is growing in the region.<\/p>\n
\u201cThe Saudis want help on Iran, and Russia wants trade and investment,\u201d said Mark N. Katz, an expert on Russia-Middle East relations at George Mason University. \u201cIn the Saudi mind, they\u2019re definitely linked and the Russians are going to try to separate these.\u201d<\/p>\n
Billboards have been erected on the road from the airport to central Moscow welcoming King Salman in Arabic and Russian. His son, Prince Mohammed bin Salman, visited in May just before his elevation to crown prince, and in 2015 the countries\u2019 sovereign wealth funds agreed to $10 billion in investments.<\/p>\n
A business forum will include speeches by top ministers and the heads of state-owned energy giants Saudi Aramco and Gazprom as well as a presentation of Saudi\u2019s Vision 2030 reform programme, which aims to end the kingdom\u2019s dependence on oil.<\/p>\n
Moscow sees the trip as a payoff for its two-year-old intervention in Syria and recognition of its growing Middle East clout. \u201cEven 12 months ago, Riyadh was highly critical of Russia\u2019s involvement in Syria and the relationship looked as frozen as ever,\u201d said Chris Weafer, senior partner at economic and political consultancy Macro-Advisory Ltd.<\/p>\n
\u201cToday that has changed 180 degrees. Both countries now see political and economic advantages from a closer, albeit pragmatic, relationship. This visit is intended to make sure it stays on track.\u201d<\/p>\n
Discussion of Syria is likely to focus on what the country will look like once Islamic State is defeated, Assad\u2019s future, what peace talks between Saudi-backed opposition activists and Damascus can achieve and the creation of new de-escalation zones. The king may also seek assurances that Iran will not have a permanent role in Syria.<\/p>\n
Kremlin spokesman Dmitry Peskov said Moscow hoped the king\u2019s trip would breathe life into a relationship with huge potential and was interested in maintaining dialogue with Riyadh \u201cabout the Middle East and Syria in particular.\u201d<\/p>\n
Any discussion of the oil market and the efficacy of moves to prop up prices by cutting supply will be closely watched.<\/p>\n
The oil price fall in the last three years has overstretched both producers\u2019 budgets, making an extension of joint cuts beyond March 2018 more likely. Moscow said last month it had discussed with Riyadh extending the deal but no specific decisions had been made ahead of a Nov. 30 producers\u2019 meeting in Vienna. Russian Energy Minister Alexander Novak said in an interview broadcast on Monday that the planned $1-billion fund to invest in energy projects was part of efforts to strengthen cooperation in oil, gas, electricity, renewable energy and other projects. Russian firms are also discussing deals with Saudi Aramco, such as providing drilling services in Saudi Arabia, and Russian oil giant Rosneft\u2019s interest in crude trading, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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