Riyadh – Mubasher: Saudi Arabia and Russia will launch a $1 billion fund to invest in energy projects, Russian minister of energy Alexander Novak said in an interview with Al Arabiya TV on Monday.
The fund will be finalised during Saudi King Salman’s visit to Russia on 5 October, the Russian minister added.
Novak commented that some agreements were being drafted and will be revealed during the visit.
"Our focus is not just on strengthening our cooperation within the framework of the OPEC and non-OPEC [agreement] but also the strengthening of cooperation in oil, gas, electricity renewable energy," Novak told Al Arabiya TV.
A Russian source told Reuters that a memorandum of understanding (MoU) will be signed between Novatek, Russia’s largest independent natural gas producer, and Saudi Arabia for a liquefied natural gas (LNG) project, known as Arctic LNG-2.
Saudi Aramco may also sign an MoU with Russian petrochemical firm Sibur for building petrochemical plants in the two countries, an informed source told the news agency.
