Indian Prime Minister Manmohan Singh will look to develop long-term energy co-operation with Russia during a visit to the country this week, an official said Friday.
Singh is due to meet Russian President Vladimir Putin during the December 4-7 trip, which follows a visit last month by Indian Defence Minister Pranab Mukherjee, as well as joint military exercises with Russia in India in October.
"We are looking to bid for some oil exploration blocks in Siberia. We are also looking to become equity partners in Russian oil and gas majors," India's Foreign Secretary Shyam Saran told reporters.
He said Singh would also broach a partnership for Indian companies in Russia's Sakhalin-III oil field.
India's state-run Oil and Natural Gas Corporation's overseas arm, OVL, bought a 20 percent stake in the Sakhalin-I project for 1.7 billion dollars in 2001, and later made fresh investments.
Saran said India would look to boost the annual 1.8 billion dollars worth of trade with Russia by relaxing the visa regime for Indian businessmen as well as amending bank laws to allow easier flow of funds.