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During President Putin’s talks with Herbert Detharding, CEO of oil and gas company Wintershall AG, the German partner of energy giant Gazprom confirmed the desire of German businessmen to step up their involvement in the supply of Russian energy resources to western Europe and participate in the oil production in Russia.

Mr Putin and Ruhrgas CEO Friedrich Spaeth focussed on long-term cooperation in gas supplies. Ruhrgas is to receive 1.5 trillion cubic metres of Russian gas between now and 2030. Russian gas now accounts for over 30% of the German gas market.

Gazprom CEO Rem Vyakhirev took part in the talks with the CEOs of Wintershall and Ruhrgas.

President Putin and Siemens CEO Heinrich von Pirer spoke of the need to attract foreign investment to the Russian economy and create reliable guarantees for foreign businessmen. Mr Pirer said Siemens wanted to implement ambitious plans, primarily several telecommunications projects, in Russia. Russian Ambassador to Germany Sergei Krylov took part in the talks.