Palestinian leader Mahmoud Abbas and Russian Prime Minister Dmitry Medvedev were in talks to secure a $1 billion energy deal on Thursday, AFP reported.
The deal between Gaza and Russia also sought to restore warmer relations between the two allies, as Russia has recently developed closer ties with Israel. The agreement reportedly includes a massive natural gas project in the Mediterranean sea off of Gaza.
Russian natural gas company Gazprom was planning to produce 30 billion cubic meters of natural gas at the site, according to Russian news agency ITAR-TASS.
The Russian engineering firm Technopromexport was also considering an oil development project in Ramallah in the West Bank, according to the same report.