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Saudi Arabia, Russia to set up $1 bln energy fund- Novak

2nd October 2017

Saudi Arabia and Russia plan to set up a $1 billion fund to invest in energy projects, Russian Energy Minister Alexander Novak said in a interview broadcast by Al Arabiya TV on Monday.

The fund, to be finalised during this week’s visit by Saudi King Salman to Moscow, was part of efforts by two of the world’s biggest oil producers to expand cooperation, he said.

“Our focus is not just on strengthening our cooperation within the framework of the OPEC and non-OPEC (agreement) but also the strengthening of cooperation in oil, gas, electricity renewable energy and other projects for oil and gas equipment,” he told the television channel regarding the fund’s activities

Saudi Arabia, the biggest oil producer in the Organization of the Petroleum Exporting Countries, and Russia helped forge a deal between OPEC and other producers to cut output by 1.8 million barrels per day from January to lift crude prices.

Oil prices, which slumped in the past three years, have climbed to about $56 a barrel but are still around half the level they were in mid-2014.

 

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