Russia, Saudi Arabia to sign $3 bln investments, says Novak

Russia and Saudi Arabia will sign investment agreements worth over $3 billion during Saudi King Salman's visit to Moscow, Reuters reported on Wednesday, citing Russian energy minister Alexander Novak.

As part of these investments, Moscow-based largest integrated gas processing and petrochemicals producer Sibur will build a $1.1 billion plant in the Kingdom.

In addition, a joint fund will invest $150 million in Russian private oilfield services firm Eurasia Drilling Co. Ltd.

The Saudi monarch arrived in Moscow Wednesday on the first ever visit by a Saudi King to Russia, Argaam reported.

During the four-day trip, King Salman is due to meet with Russian President Vladimir Putin on Thursday for talks that are expected to focus on the global oil market and the conflict in Syria.