Saudi Arabia and Russia are planning to set up a $1bn fund to invest in energy projects, according to Russian energy minister Alexander Novak.

Speaking in an interview broadcast by the Saudi-owned television station Al Arabiya, Novak said the fund would be finalised during a visit to Moscow by Saudi Arabia’s King Salman.

King Salman is due to arrive in Moscow on 4 October and leave on 7 October.

Novak said that the creation of the fund was part of a broader effort by the two countries to expand cooperation.

“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 said.