Russia to launch Saudi satellites

The worlds top oil exporters also look at improving trade exchanges between them.

    Vladimir Putin, Russian president, has offered Russian assistance to Saudi Arabia's "atomic plans" [AFP]

    The satellites will be launched from a base in Kazakhstan.

     

    Nuclear ambitions   

     

    Putin said he saw a possibility for co-operation with the kingdom on atomic energy, after six Gulf Arab countries agreed in December to launch a peaceful nuclear energy programme, in what was seen as a reaction to Iran's nuclear ambitions.

       

    Putin said: "However, Russia hopes to see peace and stability in the region."

       

    Putin, who left the kingdom later for Qatar, said Saudi Arabia could benefit from Russia's experience in gas exploration.

       

    In 2000, Russia's Lukoil and Saudi Aramco launched a joint venture called Luksar to explore and produce gas in an area of the Rub al-Khali desert.

     

    Bilateral trade  

     

    Trade exchanges between the two countries rose 230 per cent from 2000 to $400 million in 2005, with Saudi exports accounting for a small fraction of them.

       

    Saudi businessmen blamed high Russian customs duties, which they said amounted to up to 200 per cent, the absence of direct transport links and long procedures in Russian banks.

       

    Putin invited Saudi banks to open 100-per cent-owned branches in Russia and said bilateral investments would rise after the Saudi Development Fund signed an agreement during his visit with two Russian state banks.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    John Pilger Q&A: 'US missiles are pointed at China'

    John Pilger Q&A: 'US missiles are pointed at China'

    Journalist John Pilger thinks the US and China might be on the path to war. "My film is a warning," he says.

    Why Jerusalem is not the capital of Israel

    Why Jerusalem is not the capital of Israel

    No country in the world recognises Jerusalem as Israel's capital.

    Sadly but frankly, Donald Trump is not going anywhere

    Sadly but frankly, Donald Trump is not going anywhere

    Trump isn't going to be impeached by this or perhaps any future Congress as currently constituted.