Russia and Saudi Arabia plan to establish a $1 billion fund to invest in energy projects, Alexander Novak, Russia's energy minister, said.
The final decision will be made this week during Saudi King Salman's visit to Moscow. Moscow and Riyadh strengthen cooperation not only within the framework of the oil output cut deal between OPEC and non-OPEC nations, but also develop joint projects in the oil and gas and power sectors.
In 2015, the Russian Direct Investment Fund (RDIF) and Saudi Arabia’s Public Investment Fund (PIF) had already launched partnership for investment in attractive projects, including infrastructure and agricultural projects in Russia.
Today, RDIF and the Saudi Arabian General Investment Authority (SAGIA) announced the upcoming Russian-Saudi Investment Forum, which will be held in Moscow on October 5, 2017. Representatives of more than 200 Russian and Saudi companies will take part in the forum.
