NEW DELHI (Commodity Online) : India and Russia are expected to sign deals worth over $10 billion, including oil deals and diamond contracts during the ongoing visit of Russian Premier Vladimir Putin.

India’s state-run Oil and Natural Gas Corp (ONGC) may be invited to develop oil and gas fields in Russia.

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Analysts said talks would take place with a view to ONGC’s participation in development of the Trebs and Titov oil and gas fields in northwest Russia and deposits on the Arctic peninsula of Yamal.

ONGC has already agreed to cooperate with oil-to-telecoms group Sistema, which controls assets in Bashkortostan, and may also gain access to lucrative oil and gas projects in Russia’s Far North.

Russia aims to more than double trade with India to $20 billion by 2015. Putin is expected to preside over deals worth more than $10 billion, spanning defense, nuclear power and fertilizers during his visit.

The government also referred in the statement to a memorandum of understanding signed in December, during Indian Prime Minister Manmohan Singh’s visit to Moscow, by ONGC and Sistema, controlled by billionaire Vladimir Yevtushenkov.

ONGC already has a foothold in Russia after its acquisition of Imperial Energy in 2008.

Russian diamond giant Alrosa is expected to sign contracts to supply $490 million of diamonds to India in the next three years as it seeks to double sales to the country.

The company will sign deals with Diamond India, Ratilal Becharlal & Sons and Rosy Blue, Alrosa said in a statement. Prices and volumes will be reviewed quarterly.

The contracts will help Alrosa boost sales to India this year to as much as $1 billion, or a third of the company’s planned output.

Alrosa sold more than $500 million of diamonds to India last year and $250 million in 2008.

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