Saudi, Russia tie up to create $1bn energy fund to invest in projects - The National:
"Russia and Saudi Arabia plan to set up a US$1 billion energy fund as the world’s two biggest oil producers seek to cement a partnership that was bolstered by their brokering of a global oil output cut. The agreement to establish the fund is expected to be among a number of agreements that will be signed between the two countries during King Salman’s state visit to Russia this week, Russian energy minister Alexander Novak told the Dubai-based Al Arabiya news channel. “With regards to the energy fund, there is in fact a decision [to set it up] and during the king’s visit to Russia the decision will be made,” said Mr Novak in a transcript of the interview published on the channel’s website."
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