Moscow: According to the CEO of the company, Leonid Mikhelson, long-term contracts for LNG supplies from India are being discussed by Russia's largest independent gas producer, Novatek.

He told reporters on the sidelines of the India Energy Week forum that talks with a number of Indian companies are currently under way because Russia is eager to invest in the nation's energy sector and further develop cooperation.

Indian engineering firms are already participating in our projects, and a certain percentage of our equipment suppliers are from India. We want to be more than just LNG suppliers. The CEO of Novatek emphasised the desire to increase and expand it. Mikhelson added that his business was considering making a larger investment in the Indian market, including the development of LNG regasification terminals.

Also Read: How can BTC make a Great Impact on the Economy of Guinea?

He also disclosed that the parties were thinking about forgoing US dollar transactions and settling LNG supply payments in national currencies, such as rupees or rubles.

Also Read: RBI likely to settle for 25-bps repo rate hike: Experts

Without providing specific figures, Mikhelson said, "We discussed it with the energy minister [Hardeep Singh Puri]."

Also Read: PMI: Strong orders help Saudi Arabia's non-oil companies grow rapidly

Earlier, Reuters claimed that Novatek and India's largest gas distributor GAIL were negotiating the terms of a long-term LNG import agreement. A preliminary agreement between the companies is about to be signed, according to sources in the sector.