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Russia, Saudi Arabia to make public new investment platform in energy sector

September 27, 0:18 UTC+3 MOSCOW

The Russian Direct Investment Fund and its Saudi partners are "in the final stage of negotiations on major Russian projects in Saudi Arabia"

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MOSCOW, September 27. /TASS/. Russia and Saudi Arabia hope to announce the setting up of a new investment platform in the energy sector, as well as investments in manufacturing projects during King Salman bin Abdulaziz Al Saud’s forthcoming visit to Russia, the Director General of the Russian Direct Investment Fund [RDIF], Kirill Dmitriyev said on Tuesday.

The visit will be the first one by a Saudi monarch to Russia in almost a hundred years since the two countries established relations and many experts have already called it historic. It will take place against the background of a rapprochement that has taken a clear outline in recent years between Moscow and Riyadh, the world’s two largest producers of crude oil.

"The largest joint achievement of Russia and Saudi Arabia, which together provide about a quarter of world oil production, was the conclusion of an unprecedented agreement by OPEC +, which allowed to stabilize the world market," Kirill Dmitriyev said. "Significant results have been achieved in the area of investment cooperation in the framework of a joint $ 10 billion platform created by sovereign funds of RDIF and PIF [the Saudi Kingdom’s Public Investment Fund - TASS]."

"Saudi investors have already implemented a number of projects in Russia with high profitability in such sectors as petrochemicals, infrastructure, logistics, hydropower and others," he said. "RDIF with Saudi partners is in the final stage of negotiations on major Russian projects in Saudi Arabia."

Dmitriyev indicated that within the framework of the visit of the King of Saudi Arabia to Russia, the RDIF and its Saudi partners were going to announce the creation of new investment platform in the energy sector, as well as investments in the industrial and infrastructure sectors.

He expressed the confidence the efforts that would be made during the visit would boost the opportunities for cooperation between Russia and Saudi Arabia in a wide range of areas.

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