Russian Federation eyes multi-million-dollar Saudi investment…

"There are a number of investors who would like to invest in the Aramco IPO, including several banks", Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF), said, as quoted by Reuters.

Neither side had issued a statement on the LNG development at the time of going to press.

Moscow invited the kingdom's national oil company Saudi Aramco to participate in the project in 2017.

Russian Federation and Saudi Arabia have continued to boost economic ties, and oil ties as well, with the cooperation in the OPEC/non-OPEC production cut deal.

Meanwhile, Saudi Arabia is looking from Russian Federation to East Africa and the USA for natural gas assets as state-owned Saudi Aramco searches for means to meet rising domestic demand.

Russian Federation and Saudi Arabia, the two largest oil-producing countries in the world, put aside their differences to form an alliance as they attempted to support crude prices despite increased output from U.S. shale drillers, engineering a global accord to dial down output until the end of the year. Saudi Arabia plans to deploy 17 gigawatts of atomic power through 16 reactors by 2040.

Saudi Arabia's disastrous war in Yemen is also costing the public purse dearly, while Mohammed bin Salman's efforts to isolate the neighbouring state of Qatar have cost Riyadh much-needed political capital globally. Russian Energy Minister Alexander Novak had said in October the deal would be worth $1.1 billion.

Oil producers involved in the supply reductions, which have helped lift crude prices to three-year highs, will discuss which inventory levels to consider when they meet in April, Saudi Arabia Energy Minister Khalid Al-Falih told reporters in Riyadh on Wednesday.

At the opening, Mr Putin offered to sell Russian gas so that Saudi Arabia "could save its oil".

Looking to the future, Saudi Arabia will reportedly attempt to double its own gas production over the next 10 years.