Russia says to sign deals with Saudi worth over $3 billion

 

FILE PHOTO: Russian Energy Minister Alexander Novak and Saudi Arabian Energy Minister Khalid al-Falih shake hands ahead of a meeting in Moscow, Russia, May 31, 2017. REUTERS/Maxim Shemetov

 

MOSCOW (Reuters) - Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during a visit to Moscow by Saudi Arabia's King Salman, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday.

 

The deals will include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak as saying in an interview with the Financial Times newspaper.

 

A joint Russian and Saudi fund will invest $150 million in Russian private oilfield services firm Eurasia Drilling Company Limited, the ministry quoted Novak as saying.

 

(Reporting by Christian Lowe; editing by Alexander Smith)

 

-- © Copyright Reuters Russia says to sign deals with Saudi worth over $3 billion

In 2015 nearly US$28 billion worth of petrochemicals plants come online with Dow Chemical receiving US$20 billion.

https://www.thenational.ae/business/28-billion-boost-for-saudi-arabia-s-downstream-petrochem-industry-1.113691

A US$1.1 billion deal with Russia looks more like a diplomatic concession, perhaps in connection with a backdoor political deal between S.A. and Russia on the future of Syria's government.