Saudi Arabia Invest $1bln in more than 20 Projects in Russia

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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.