Qatar-Russia trade volume surges to record 93%

26/04/2017 07:41 AST

Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said yesterday 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 percent; 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.

Qatar has great confidence in the Russian economy and, as a result, the country is looking to strengthen investment and trade ties with the Russian side. Al Sada praised the acquisition that the State of Qatar announced at the end of 2016 which involved the shares of Rosneft. Qatar Chamber hosted a meeting with a Russian business delegation, chaired by Director of the Russian - Arab Business Council Tatyana Gvilava, to discuss enhancing economic ties and explore the available investment opportunities.

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.

Meanwhile, the Joint Qatar-Russian Commission on Trade, Economic and Technical Cooperation held its third meeting here yesterday.Al sada and Novak headed the respective sides. A closed meeting was held between Al Sada and Novak prior to the Commission plenary session.

The two 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 Opec production by 1.2 million bpd and non-Opec by 588 million bpd As of January 1 2017. The Agreement is valid for six months, extendable for an equal period.

The Peninsula