OREANDA-NEWS. Russia and Greece are considering extending a contract on natural gas deliveries to Greece until 2040, the Russian energy giant Gazprom [RTS: GAZP] said Wednesday.

"We could prolong an intergovernmental agreement and Gazprom's corresponding contract until 2040, and we can reach a general agreement this year", Gazprom CEO Alexei Miller said

Russia delivers natural gas to Greece, meeting 80% of the country's needs, under a 1987 intergovernmental agreement.

Miller said Greece's economic growth is pushing demand for natural gas.

"Gazprom has a reputation as a reliable supplier here. It always honors its contractual obligations in full. We treasure this reputation", he said.

He also said the two sides discussed the Burgas-Alexandroupolis oil pipeline in which Gazprom is involved through its subsidiary, Gazprom Neft.

"Implementation of this project expands and diversifies our cooperation in the energy sector", Miller said.