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|| Saudi investors to boost Russian ties

Bloomberg is reporting that a Saudi delegation will visit the oil-rich majority-Muslim province of Bashkortostan in central Russia to explore opportunities - quoting regional President Rustem Khamitov.

Russian billionaire Vladimir Yevtushenkov’s AFK Sistema holding company plans to invest $3.5 billion in the next three years to upgrade oil refineries in Bashkortostan.

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More details follows from Bloomberg

Bloomberg - A Saudi delegation will visit the oil-rich majority-Muslim province of Bashkortostan in central Russia to explore opportunities, regional President Rustem Khamitov said.

The Saudis are interested in petrochemical, oil-refining, banking, medical and agricultural projects, Khamitov said today during a visit to the Saudi Red Sea port city of Jeddah.

“Representatives of major Saudi companies showed genuine interest in our republic and we are expecting a delegation of key executives from that country,” Khamitov said at Jeddah’s annual economic forum, according to a statement on the presidential website.

Russian billionaire Vladimir Yevtushenkov’s AFK Sistema holding company plans to invest 100 billion rubles ($3.5 billion) in the next three years to upgrade oil refineries in Bashkortostan, where its controls OAO Bashneft and a group of processing plants, Khamitov said in September.



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