Saudi Arabia and Russian Federation to set up $1bn tech fund

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"We will be looking at (evaluating) investors as we continue to make progress related to timing and location".

The highlight will be the "Saudi-Russian Business Investment Forum" to be held in Moscow under the theme "Investment toward Building a Strong Partnership".

HE Khalid Al-Falih (left), minister of energy, industry, and mineral resources, Saudi Arabia, and chairman, Saudi Aramco, walks alongside Alexander Novak (right), Russian energy minister, during their meeting in Riyadh, Saudi Arabia, on 23 October 2016.

Prince Mohammad has said the IPO, which could be the world's biggest, will value Aramco at a minimum of $2 trillion and could raise as much as $100 billion. New York, London and Hong Kong are the main contenders.

Nasser said there were no current talks with Russian companies on them taking part in the planned initial public offer of shares in Aramco next year, during which the company aims to sell around 5 percent of its shares.

Both Falih and Nasser are part of an official Saudi visit to Moscow.

Saudi Aramco will participate in the historic Royal Visit to Russian Federation by The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud during 4-7 October 2017.

One of those was a memorandum of understanding signed on Thursday between Aramco and Russia's oil trading company Litasco.

The two other agreements were with Gazprom Neft for technology and R&D collaboration and training, and with the Russian Direct Investment Fund and SIBUR for the strategic marketing of petrochemicals.

Donskoy said that this agreement will contribute to the development of cooperation between the two countries in the field of mining investments and geological knowledge, exchange of benefits, investment opportunities and technology transfer. Aramco also signed an MOU with the Russian gas company Gazprom to develop a business portfolio in worldwide upstream gas.

Saudi Arabia is competing with Iraq to be India's top oil supplier, with Iraq displacing it for a fifth month in a row in August, data compiled by Reuters showed.

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