Report: Russia, Saudi Arabia to launch $1 bln energy fund – min

MOSCOW, Oct 2 (PRIME) -- Russia and Saudi Arabia will establish a joint energy fund preliminarily estimated at U.S. $1 billion, Energy Minister Alexander Novak told channel Al Arabiya in an interview broadcast on Monday.

“As for the energy fund, there is a decision indeed, and corresponding decisions will be made during a visit by the king to Russia. Preliminarily, I am talking about allocation of $1 billion on energy projects alone,” Novak said.

CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that a Russian oil service company can become one of the first investment projects of the joint fund. The company could operate in Saudi Arabia and supply know-hows and technologies to the market.

The Saudi king’s visit to Russia is scheduled for Wednesday–Saturday.

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