Russia will start oil and gas exploration in the seas off Mannar after President Mahinda Rajapaksa held discussions with the Russian Gas and Oil company Gazprom, Moscow yesterday (08 Feb).

The Russian company also agreed to give Sri Lanka concessions in the purchase of refined and crude oil.

An Indian based British oil exploration company is engaged in oil exploration in one of the identified eight blocks. President Rajapaksa invited Gazprom to explore oil and gas in the other blocks during his talks.

Gazprom is the largest gas company in the world and supplies gas to a number of countries including 30 European nations with an annual supply of 500 million cubic metres.

Gazprom will also be supplying oil through pipelines to India and China and Chairman Alexei Miller informed the President that Sri Lanka will also be benefited by this new project of the company.