MOSCOW: Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.
The discussions took place in Saudi Arabia as Russia and the Organization of the Petroleum Exporting Countries discussed further cooperation on the global oil market.
Saudi Arabia, a leading voice in OPEC, has been trying to persuade Russia to join deeper oil production cuts. Moscow has said it will disclose its stance on that proposal in the coming days.
Saudi business representatives will visit Moscow in the spring and continue their talks with Russian companies, RDIF said.
Russia has played a central role in the alliance between OPEC and non-OPEC oil exporters, known as OPEC+, since they began coordinating moves on the oil market in 2016.