Saudi Arabia to Participate in Russia’s Arctic LNG project

Saudi Arabia to Participate in Russia’s Arctic LNG project

Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, Khalid A. Al-Falih, said in an interview with TASS that the kingdom will explore the possibility of participating in Russia’s Arctic LNG project, adding that Saudi Arabia is interested in LNG supplies.

The minister stated “Everything is possible. At this stage, of course, it is too early to talk about specific projects. LNG business is challenging, there is a lot of supply. However, we don’t think in terms of years, we think in terms of decades. So I think we should look at long-term projections, and if the projects are justified we will consider investing in them. Especially, if they can be used to supply LNG to Saudi Arabia,” reported Customs Today.

“Saudi Arabia is a huge market for gas, so we’re looking at existing projects like Yamal LNG, but we’re also looking at future projects with Russian companies that we can do elsewhere, [in] Africa, [and] Mediterranean,” he added.

Mahinaz El-Baz 312 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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