Saudi Arabia and Russia are continuing to strengthen their relations in the energy sector, according to a report published by Oil Price.

The report reveals that Russia has offered to support Saudi Crown Prince Mohammed Bin Salman’s efforts to diversify the economy by investing in Aramco at its initial public offering (IPO).

Kirill Dmitriev, CEO of the main Russian sovereign wealth fund, Russian Direct Investment Fund (RDIF), said that he expected a Russian-Chinese joint investment fund, along with a number of leading Russian banks and other investors, to invest in the Saudi oil company. He also hinted that other Russian investors may purchase a part of the 5% of Aramco offered in the IPO.

In addition, Saudi Aramco is set to enter the major investment scheme of Arctic LNG-2, which is expected to be a part of Aramco’s gas strategy.

The RDIF will also sign a number of investment deals with the Saudi sovereign wealth fund Public Investment Fund (PIF) and Aramco, Dmitriev announced. The deals include an investment in Russia’s Eurasia Drilling, a major independent drilling company.

The latest reports are part of a growing trend which sees the Saudi and Russian governments strengthening their relations in the field of energy. The two countries set up a $1 billion energy investment fund in October 2017 and Sibur, Russia’s biggest petrochemical company, has a $1 billion agreement with the kingdom.