Deputy PM Novak: Russia interested in joint petrochemical projects with Saudi Arabia, plans to develop industry-specific equipment

MOSCOW. Oct 14 (Interfax) - Russia is interested in implementing joint projects with Saudi Arabia in the petrochemical industry, and there are plans to develop and localize equipment for the sector in both countries, Russian Deputy Prime Minister Alexander Novak said in an interview with Asharq News.

"Russian companies are interested in implementing joint projects in the sphere of petrochemicals in Saudi Arabia," Novak said, noting that Russia is also prepared to provide support on issues of geological prospecting and exploration, thermal power plant repairs, and renewable energy sources.

"There is a Russian-Saudi investment fund, through which projects are financed mainly in the territory of the Russian Federation. There are plans to implement projects [to develop and localize oil and gas equipment] in Saudi Arabia, as well," Novak said.

The current relations between the countries allow for an expansion of cooperation in spheres such as energy, transport, and construction, as well as the social sphere, he said.

"We have very good interaction, volumes of trade and the economy are growing, and I'm sure that the level of political and economic relations that exists today allows us to further build our cooperation," Novak said.