Saudi king, Putin sign deals on historic Russian Federation trip

Russia earned up to trillion rubles thanks to OPEC deal

Russian Federation and Saudi Arabia have clinched a number of lucrative deals as King Salman paid the first official visit to Russian Federation by a Saudi monarch.

Relations between the two countries have often been strained.

While they are partners on the oil market, on the foreign policy front, Moscow and Riyadh land on opposite sides of the Syrian conflict, with Russian Federation supporting the regime of Bashar al-Assad while Saudi Arabia supports his opposition.

During the meeting, Russian President hailed the historic relations between two countries.

Despite regional disagreements, Russian Federation and Saudi Arabia found common ground on energy policy in November, when they worked together to secure a deal between OPEC and other oil producers to cut production in an effort to drive up oil prices.

Saudi Arabia is now investing over $1 billion in over 20 Russian projects including the construction of a petrochemical complex and Pulkovo Airport in St Petersburg, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.

OPEC ministers attending the Moscow event said they were considering extending the deal or making a deeper cut.

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"Is there anything in the world that stays unchanged?"

"I am confident that we will finally complete joint work to defeat the Jabhat al-Nusra and ISIS terrorist armies", he said at a plenary meeting of the Russian Energy Week forum.

Saudi Arabia says it has signed a memorandum of understanding on the purchase of S-400 air defence systems from Russia's state arms exporter during Saudi King Salman's landmark trip to Moscow on Thursday.

While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict, with Moscow supporting the regime of President Bashar al-Assad and Riyadh backing the opposition.

Salman arrived in Moscow along with Energy Minister Khalid al-Falih, Foreign Minister Adel al-Jubeir and Minister of State Musaed al-Aiban.

"The bill for fully booking the two hotels during the visit may run about $3 million, not including what the delegation will spend on services, restaurant meals and spa treatments", said Vadim Prasov, vice-president of the Federation of Restaurateurs and Hoteliers of Russia.

For his part, Putin highlighted the importance of the King's visit to Russian Federation and the talks made between the two sides, describing them as rich and trustworthy.

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