Saudi Aramco has signed a Memorandum of Understanding (MoU) with Russia's private natural gas producer Novatek to cooperate on gas projects and supplies.

According to the MoU, the two sides have agreed to collaborate on natural gas projects globally, including liquefied natural gas (LNG) supplies, development of LNG ventures, gas exploration and production, as well as research and technology development.

It has been reported that Saudi Arabia had been looking to import gas from Russia, especially from the latter’s new Arctic LNG project.

"We see a wide array of exciting and mutually beneficial energy opportunities to cooperate with Saudi Arabia. Our company owns one of the world's largest high-quality, low-cost conventional gas reserve base and has gained unique and valuable experience of developing LNG-projects in the Russian Arctic area," Novatek's chairman Leonid Mikhelson has been quoted as saying in media reports.