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Russian energy minister plans to hold talks with Saudi Arabian counterpart at SPIEF-2018

May 14/ 11:09

Moscow. Acting Russian Energy Minister Alexander Novak plans to hold negotiations with Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih at the St. Petersburg International Economic Forum.

"We had a phone conversation, but we agreed to meet in St. Petersburg and discuss everything in detail during the forum…There is a preliminary agreement on this," Novak told reporters commenting on when he planned to meet with the Saudi Arabian minister and discuss the US withdrawal from the Iran nuclear deal.

"We will monitor the situation. It has been announced that the sanctions would be restored within 180 days, but we need to look at the market’s reaction, now it is early to say anything. In any case, we have all the tools which may be used to balance the market," he said commenting on the aftermath of the US withdrawal from the Iran nuclear deal.

US President Donald Trump announced on May 8 that Washington withdrew from the 2015 Iranian nuclear deal as it provides Iran with possibilities of creating a nuclear bomb bypassing all currently in force restrictions under the agreement and added that another deal should be signed with Tehran.

The St. Petersburg International Economic Forum is one of the key economic discussion platforms held under the auspices of the Russian president. The event usually involves heads of states, prime ministers, prominent public figures, heads of international organizations, CEOs of large companies and key global experts. In 2018, the forum is scheduled to be held on May 24-26.

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