The military agreement concurs with a $1bn Fund agreement for energy investment and a $1.1 billion agreement for Russia's petrochemicals giant Sibur to build a plant in Saudi Arabia signed between the two countries.
The joint venture is the latest in a series of deals expected to be signed during a visit to Russian Federation by King Salman this week, the first to Moscow by a reigning Saudi monarch. Aramco also signed an MOU with the Russian gas company Gazprom to develop a business portfolio in global upstream gas.
Saudi Aramco is also expected to sign a number of memoranda of understandings with major Russian companies.
The minister spoke about Saudi Arabia's Ma'aden, one of the largest mining companies in the world, and his interest in developing partnerships with investors in Russian Federation to find opportunities.
The fund will also look at relevant investments outside Russian Federation and Saudi, he added.
Donskoy welcomed an agreement signed between the Saudi Arabia's Ministry of Energy, Industry and Mineral Resources with Russian Federation to cooperate in the field of mineral wealth.
The MoU focuses on localizing the manufacturing and sustainment of advance armament systems in the Kingdom of Saudi Arabia in line with the objectives of Saudi Vision 2030.
Nasser stressed that all these could only be achieved with technology, research and innovation. "Considering Russia's considerable strengths in science and technology, as well as highly talented researchers, scientists and engineers, we are exploring collaboration in R&D field", he said.
The Minister of Energy, Industry and Mineral Resources, Khalid bin Abdul Aziz al-Falih said that 2000 mining licenses have been provided to the private sector with a total value on of $66 billion in Saudi Arabia.
Trading, according to Nasser, would also be an integral enabler to the strategic partnership with Russian entities involving opportunities in and refined products swaps, trading logistics, shipping and storage facilities, and new market venturing.
"Energy is the key area for us, for the development of cooperation between our countries", Russian Energy Minister Alexander Novak said before the signing ceremony.