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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