October 22, 2019, 20:01


Russia, Saudi Arabia Discuss Investment Plans Worth Tens of Billions of Dollars – Novak

Russia, Saudi Arabia Discuss Investment Plans Worth Tens of Billions of Dollars – Novak

ST. PETERSBURG (Sputnik) – Russia and Saudi Arabia are discussing various investment projects, including in LNG and petrochemical production, worth tens of billions of dollars, Russian Energy Minister Alexander Novak said Friday.

“We have a lot of projects. Yesterday [at the meeting with Saudi Energy Minister Khalid Falih], we discussed a road map on implementing bilateral projects. There are 35 points, worth tens of billions of dollars, which can be realised in the near future. These are projects in the field of petrochemical chemistry, LNG, and joint research centres in Russia”, Novak said at the St. Petersburg International Economic Forum.

Late last year, the chief executive of the Russian Direct Investment Fund said that around $2 billion worth of funds from a Russian-Saudi foundation will be invested in Russia in 2019.

Around that time, Russian President Vladimir Putin discussed with Saudi Crown Prince Mohammed bin Salman al Saud the issue of stepping up Riyadh’s investments in Russian projects during a bilateral meeting on the sidelines of the G20.

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