Foreign media recently stated that both Russia and Saudi Arabia have shown their willingness to expand their cooperation areas after they have successfully promoted joint production cuts to promote the recovery of oil prices.
The Saudi Petroleum Minister stated that the two sides will soon announce a major issue in the cooperation of liquefied natural gas (LNG). In the middle of last year, Russia provided Saudi Aramco with an opportunity to participate in the Arctic LNG-2 project in northern Siberia, Russia. The total investment of the project is 20 billion U.S. dollars, and is planned to start production in 2022 or 2023. However, no agreement has yet been reached. In addition, Russia also intends to build regasification terminals in Saudi Arabia and participate more in the Saudi LNG market.
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