New Delhi: Pledging to work toward energy security, India and Russia today decided to quickly finalise a programme of action by the Joint Study Group to increase bilateral trade to 10 billion dollars by 2010.

The Joint Statement issued on the outcome of Russian President Vladimir V Putin's visit to India said both countries endorsed the concept of 'energy security' envisaging an acceptable balance between its demand and supply.

In view of their corresponding resources, needs, capabilities and potential, both sides agree to further enhance direct dialogue between their oil and gas companies, it said.

This was aimed at concluding concrete and mutually beneficial commercial agreements for joint work in all segments of oil and gas cooperation in India, Russia and third countries, the joint statement said.