Minister of Energy and Industry Mohammed bin Saleh Al Sada said on April 25, 2017, both Qatar and Russia are working on enhancing the bilateral cooperation to a higher level.
The trade volume between Qatar and Russia grew a record 93 %; the Minister told the media after a meeting held by Qatar Chamber with a Russian business delegation to discuss enhancing ties between the private sectors of both countries.
Al Sada praised the acquisition that the State of Qatar announced at the end of 2016 which involved the shares of Rosneft.
The meeting also discussed holding trade partnerships between Qatari businessmen and their Russian counterparts, in the presence of Al Sada and Russian Minister of Energy Alexander Novak.
Novak said that Russian companies have great interest in the Qatari market and in investing in the country and praised the recent increase in bilateral cooperation.
Speaking to Qatari businessmen, Novak expressed his hope that the business community of both countries contributes in increasing trade by cooperating and preparing a plan to activate economic ties.
A closed meeting was held between Al Sada and Novak prior to the Commission plenary session.
The 2 ministers discussed the situation of the global oil markets and ways and means to boost cooperation between Opec and non-Opec oil producers, with the aim to restore stability to the market.
They also expressed their satisfaction with the level of compliance with the Vienna Agreements reached in December last year between Opec and non-Opec oil producers to cut production by 1.2 million bpd and non-Opec by 588 million bpd
As of January 1 2017 the Agreement is valid for 6 months, extendable for an equal period.
