Saudi Arabia is investing $1 billion in the 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.
Saudi Arabian King Salman bin Abdul Aziz harshly criticised Iran on his first visit to Russian Federation, which has close relations with the Islamic republic.
Saudi Arabia said the schedule for the blockbuster initial public offering of its state-owned oil giant isn't "slipping", with the kingdom still targeting a sale by the end of 2018.
"In particular, we have welcomed the idea offered by the Saudis to create common research and development through cooperation between Saudi Aramco and Gazpromneft", said Novak.
Iran's Oil Minister Bijan Namdar Zanganeh told journalists last week that OPEC members are compliant with their lower production quotas at an "acceptable" level, but that rising supply from Libya and Nigeria is hampering the cartel's efforts to rebalance the oil market.
King Salman in his reply called Russian Federation a "friendly nation" and said his country is committed to strengthen ties "in the interests of peace and security".
King Salman is expected to ask Russia's support and commitment to ensure that the production cuts deal continues, following Saudi Arabia's cut of its output to around 10 million barrels per day to help control a glut in world oil supplies.
"This is the first visit by a Saudi Arabian monarch in the history of our relations and that in itself is a landmark event", Putin said as he welcomed King Salman to Moscow in an ornate gilded Kremlin hall.
Last year's joint decision by Russian Federation and OPEC to restrict oil production in a bid to support oil prices was a significant step toward closer ties, CNBC says.
The conference concluded with speeches by the Saudi Minister of Trade, the Saudi and Russian Energy Ministers, and the President of the Russian Direct Fund.
Tass reported Thursday that Saudi Arabia was interested in buying Russia's S-400 air defense missile system.
Any sign that the deal could unravel could see oil and gas prices fall back down, pinching the finances once again for countries like Saudi Arabia and Russian Federation. We are looking at opportunities for working together with the different companies. New York, London and Hong Kong are the main contenders.