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Russia and Saudi Arabia to set up joint energy fund

Staff Writer |
Russia and Saudi Arabia will set up a $1 billion fund to invest in energy projects, Russian Energy Minister Alexander Novak said.

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He noted that the fund, which will be finalised during this week’s visit by Saudi King Salman to Moscow, was part of efforts by two of the world’s biggest oil producers to expand cooperation.

"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 and other projects for oil and gas equipment," Novak said in a interview broadcast by Al Arabiya TV on Monday.

“We are working on a number of agreements and we will announce them during the visit,” Reuters cited the minister as saying.

Novak said Russian firms were discussing deals with energy giant Saudi Aramco, such as providing drilling services in Saudi Arabia and Rosneft’s interest in crude trading.

He said details were still being discussed.

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