On Monday, Leonid Mikhelson, CEO of Russia’s largest independent gas producer Novatek, announced his company is in talks with India, negotiating long-term contracts for the supply of liquified natural gas (LNG).

The producer is in negotiation with several Indian companies as Russia looks to invest in the nation’s energy sector and strengthen the cooperation between the two nations, Mikhelson said from the sidelines of the India Energy Week forum.

The Novatek CEO pointed out, “We want to be not just LNG suppliers, Indian engineering companies are already taking part in our projects and there’s a certain share of Indian suppliers in equipment. We want to expand and increase it,” adding that Novatek was looking to invest more broadly in the Indian energy sector, including by constructing regasification terminals for imported LNG.

He added the sides were negotiating settling the payments for LNG shipments in their respective national currencies, either rupees or rubles, thereby bypassing the US dollar as a trade instrument.

Without discussing precise numbers, Mikhelson confirmed the use of national currencies in the transactions, saying, “We discussed it with the energy minister [Hardeep Singh Puri].”

Reuters reported earlier that GAIL, India’s main gas distributor, was in discussions with Novatek over a long-term contract for the import of LNG. The report stated the two firms were close to signing a preliminary agreement, according to industry sources.