On the agenda are the talks held by the Russian energy giant Gazprom and India’s ONGC in the sphere of oil, gas and transportation.

The Indian firm also expects to buy a part of the assets that used to be the property of Yukos.

The former Yukos daughter enterprise was sold off last year and finally purchased by state-owned energy giant Rosneft.

The Russian industry and energy minister Viktor Khristenko said that "Russia is open to considering offers by the Indian side to participate in projects with Gazprom, Rosneft and Transneft.” “We are happy with the level and the character of Indian-Russian relations. They must be maintained and developed."

Oil and Natural Gas Corporation chairman Subir Raha and Gazprom chairman Aleksey Miller and India’s petroleum minister Mani Shankar Aiyar were reported to have signed a memorandum of understanding on energy co-operation on Tuesday.

They are also supposed to build oil and gas refineries in India, Russia and other countries in order to sell fuel in Asian markets.

India is ready to import up to 50 million tons of oil per year over the next 10 to 15 years and was considering Russia to get the largest portion of this supply.