Russia and Saudi Arabia may create joint data bank for promising technologies in energy sector - statement

HANGZHOU /China/ September 5. Russia and Saudi Arabia will develop cooperation in oil and gas sector, including deployment of new technologies and may create a joint databank for promising technologies in this field, the two countries said in a joint statement on Monday. The statement was signed by Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih and Russia’s Energy Minister Alexander V. Novak on the sidelines of the G20 Summit in China. According to the statement, Russia and Saudi Arabia will cooperate "in the oil and gas industry, including deployment of new technologies, exchange of information and expertise to raise the level of technology applications in production, refining, storage, transport and distribution, as well as equipment production, support services such as engineering, manufacturing and research activities, along with collaboration in power generation and renewable energy". "The Ministers committed to explore the possibility of creating a joint database on advanced energy technologies, along with feasibility assessments of their deployment, utilization, and financing through sovereign funds of both countries," the statement said. Read more