Saudi Arabia and Russia are looking to sign agreements worth $3bn following the visit of the Saudi monarch to Moscow.

Apart from plans to form a $1bn joint energy fund, the two energy giants will sign a $1.1bn agreement for Russian firm Sibur to build a petrochemical plant in Saudi Arabia, according to comments by Russian oil minister Alexander Novak reported by the Financial Times (FT).

Russian firms are also holding talks with Saudi investors to participate in the Arctic liquefied natural gas (LNG) two project. Russian firms Rosneft and Gazprom are also in talks to form a joint oil trading unit as well as a research centre, respectively.

“There is a lot of interest towards cooperation in the petrochemical and oil field service segments, where we see big potential for cooperation… Saudi investors certainly show great interest in participating in the production and processing of oil and gas in Russia,” Novak told the FT.