MOSCOW, October 2. /TASS/. The joint Russia-Saudi fund for investments into the energy sector to be announced during the forthcoming visit of the King of Saudi Arabia Salman bin Abdulaziz Al Saud to Moscow will total $1 bln, Russian Energy Minister Alexander Novak said on Monday in an interview with Al Arabiya TV Channel.

The fundamental agreement was reached and the decision to set up the fund will be finally approved during the visit of the Saudi King to Russia, the minister said.

"Allocation of $1 bln is the case in point in general terms, Novak said.

Russia "focuses on development of cooperation [with Saudi Arabia] not merely on oil issues within the OPEC framework but also outside the cartel, and on development of cooperation in the oil and gas sector, in the electric power sector and renewable energy resources," he noted.