Gazprom signs Memorandum of Cooperation with Saudi Aramco

"We will be looking at investors as we continue to make progress related to timing and location", he added, according to Reuters.

Russia is satisfied with current oil prices and with the progressive balancing of the market, Alexander Novak, Russia's energy minister said Thursday.

Furthermore, according to the signed document the two parties could collaborate on the production of equipment for oil and gas field development, by localising production either in Russian Federation or Saudi Arabia.

The Aramco IPO, which could raise $100 billion, is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman. New York, London and Hong Kong are the main contenders.

However, the move has provoked some opposition in the City, with business groups concerned authorities are trying to loosen disclosure requirements to lure the company.

THE STOCK market flotation of part of state-owned oil behemoth Saudi Aramco is still set for 2018, the Saudi Arabian oil minister said yesterday.

Both Falih and Nasser are part of an official Saudi visit to Moscow.

Donskoy welcomed an agreement signed between the Saudi Arabia's Ministry of Energy, Industry and Mineral Resources with Russian Federation to cooperate in the field of mineral wealth.

Saudi King Salman is in Russian Federation on a state visit, the first to Moscow by a reigning Saudi monarch.

Saudi Aramco is also expected to sign a number of memoranda of understandings with major Russian companies.

The Russian Direct Investment Fund on Thursday will also sign an MoU with Aramco and Saudi's Public Investment Fund for investments in energy services and manufacturing. Other similar agreements with Gazprom, Gazprom Neft, and Sibur will also be signed.

Donskoy said that this agreement will contribute to the development of cooperation between the two countries in the field of mining investments and geological knowledge, exchange of benefits, investment opportunities and technology transfer.

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