More than 20 deals have been signed on Monday between Moscow and Riyadh during President Vladimir Putin’s state visit to Saudi Arabia.

Agreements include the charter for long-term cooperation between the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers. Along with the charter, the two countries have signed a protocol on energy cooperation.

The Russian Direct Investment Fund (RDIF), Saudi Basic Industries Corporation (SABIC), and ESN Group agreed to invest in designing, building, and operating a methanol plant in Russia’s Far East, in the Amur region. The plant is expected to have an annual capacity of up to 2 million tons, according to RDIF.

Also on Russia’s sovereign fund eyes multi-billion dollar projects with Saudi Arabia

Russia’s sovereign fund along with Saudi Arabia’s Public Investment Fund and German investment group KGAL have agreed to invest $600 million in setting up a joint firm, called Roal, which will lease passenger jets in Russia. (RT)