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.

"At present, RDIF (Russian Direct Investment Fund) and PIF (Public Investment Fund of Saudi Arabia) have invested more than $1 billion in joint projects (in Russia). This includes construction of a petrochemical complex, construction of a small hydro power plant, logistics companies, Pulkovo Airport and the Renaissance building complex. Twenty-five more projects in various economic sectors are currently being studied," the minister was quoted as saying by Tass.

Russia and Saudi Arabia will set up a working group to remove obstacles hampering cooperation between the two countries, Novak said at the Russian-Saudi Investment Forum.

"We have just agreed with my counterpart, co-chairman (of the Intergovernmental Commission) Al Qasabi (Saudi Minister of Trade and Investment Majed bin Abdullah Al Qasabi), that we will set up a special working group that will oversee the issues of reducing administrative barriers and obstacles for the development of business ties between our two countries," the Russian minister said.