Saudi Aramco in talks to invest in Russia's Yamal gas project: Al-Falih

04/10/2018 Argaam

 

State-owned Saudi Aramco is in active talks with Russia’s independent gas producer Novatek to invest in the next phase of the Yamal LNG project, Reuters reported, citing Saudi Energy Minister Khalid Al-Falih.

 

Speaking at the Russian Energy Week forum in Moscow on Wednesday, he said the world needs access to Russian gas, which is among the cheapest on the planet.

 

"Russian liquefied natural gas (LNG) could help Saudi Arabia to reduce the amount of oil liquids burnt in the Kingdom," he added.

 

Al-Falih also said that Saudi Arabia had raised oil production to a near-record level of 10.7 million barrels per day (bpd) in October to meet rising crude demand.

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