Russia’s Gazprom signs Memorandum of Cooperation with Saudi Aramco

On Friday, Russia’s energy leader Gazprom Neft has signed a Memorandum of Cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in oil and gas industry.

The signing of the Memorandum took place on the sidelines of the official visit of Saudi King Salman to Russia.

According to the Gazprom’s press release,

“Cooperation between Gazprom Neft and Saudi Aramco envisages collaboration in various areas, including drilling and well workover technologies, improvements to pumping systems, and the development of large-scale non-metal pipes.

The parties also plan to discuss perspectives for collaboration in research and development and experimental engineering works, as well as options for applying innovative solutions to a wide range of technological challenges. A separate area of collaboration could include employee training at both companies’ production facilities.

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 Russia or Saudi Arabia.”

Alexander Dyukov, CEO of Gazprom Neft, emphasized the importance of cooperation in the market:

“Given the ongoing macroeconomic uncertainties, it is of paramount importance that major oil producers coordinate their activities to improve the stability of the global oil and gas market. An important component of such engagement concerns sharing cutting-edge technological solutions and working together to improve efficiency in oil production and refining.”