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Saudi Arabia may invest $1bln in more than 20 projects in Russia — minister

Twenty-five more projects in various economic sectors are currently being studied, Russian Minister of Energy Alexander Novak said

Russian Energy Minister Alexander Novak Stoyan Vasev/TASS

Russian Energy Minister Alexander Novak

© Stoyan Vasev/TASS

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Saudi Arabia seeks to develop ties with Russia — top diplomat

MOSCOW, October 5. /TASS/. Saudi Arabia may invest $1 bln in construction of a petrochemical complex, Pulkovo Airport and 20 more Russian projects, Russian Energy Minister and Co-Chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.

"At present, RDIF [Russian Direct Investment Fund] and PIF [Public Investment Fund of Saudi Arabia] have invested more than $1bln in joint projects [in Russia.] This includes construction of a petrochemical complex, construction of a small hydro power plant, logistics companies, Pulkovo Airport and the Renaissance building complex. Twenty-five more projects in various economic sectors are currently being studied," the minister said.

Russia and Saudi Arabia will set up a working group to remove obstacles hampering cooperation between the two countries, Alexander Novak said at the Russian-Saudi Investment Forum.

"We have just agreed with my counterpart, Co-Chairman [of the Intergovernmental Commission] Mr. Al Qasabi [Minister of Trade and Investment Majed Bin Abdullah Al Qasabi - TASS], that we will set up a special working group that will oversee the issues of reducing administrative barriers and obstacles for the development of business ties between our two countries," the Russian minister said.

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