Russian President Vladimir Putin ensured that Russia is willing to cooperate with Saudi Arabia to bring stability to the global energy market, Putin said during an interview with Al Arabiya TV.

Putin revealed that the country’s largest petrochemicals company, Sibur Holding, is proposing to build a petrochemical facility in Saudi Arabia with total investments of $1 billion.

Moreover, the Russian Direct Investment Fund will invest more than $2 billion in the Saudi agricultural, petrochemicals and other sectors.

The Russian President noted that anything that upsets market stability should be met with a “responsible response”, adding that Moscow plans to work with Riyadh and other Arab partners to “reduce [destabilization] to zero”.

He said that the recent attacks on Saudi oil plants on September 14, which initially halved the output of the world’s top oil exporter, would strengthen cooperation between producers inside and outside OPEC, an alliance known as OPEC+.

“We consider Saudi Arabia a friendly nation. I have very good relations with both the King [Salman bin Abdulaziz] and the Crown Prince [Mohammed bin Salman],” Putin told Al Arabiya.