Russia and Saudi Arabia will establish a joint $1 billion Fund for energy investment. This was announced by energy Minister Alexander Novak in interview to TV channel Al Arabiya, Reuters reports.

According to him, Moscow and Riyadh to strengthen cooperation not only within OPEC Pact+ on the reduction of global oil production, but also develop joint projects in the oil and gas sector and the power sector.

Novak said that the country is now working on several agreements, the final agreement will be reached in the upcoming this week’s visit of Saudi king to Moscow.

Russia and Saudi Arabia will establish a Fund of $1 billion 02.10.2017

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