Saudi Arabia and Russia plan to set up a $1-billion fund to invest in energy projects, Russian Energy Minister Alexander Novak said on Monday.

The fund, to be finalised during this week’s visit by Saudi King Salman to Moscow, was part of efforts by two of the oil producers to expand cooperation, he said.

“Our focus is not just on strengthening our cooperation within the framework of the Opec and nonOpec (agreement) but also strengthening of cooperation in oil, gas, electricity, renewable energy and other projects for oil and gas equipment,” he told regarding the fund’s activities.

Saudi Arabia, the biggest oil producer in Opec, and Russia helped forge a deal between Opec and other producers to cut output by 1.8 million barrels per day from January to lift crude prices. Oil prices, which slumped in the past three years, have climbed to about $56 a barrel but are still around half the level they were in mid-2014.

“We are working on a number of agreements and we will announce them during the visit,” Novak said of the Saudi-Russian efforts to ex pand their cooperation.

Novak said Russian firms were discussing deals with Saudi Aramco, such as providing drilling services in Saudi and Rosneft’s interest in crude trading.