Under the deal signed in London, Gazprom through its Asian subsidiary Gazprom Marketing and Trading Singapore will supply 2.5 million tonnes of LNG to IOCL, Russia's official ITAR-TASS news agency reported.
The two companies have been successfully cooperating since 2007 as cooperation in hydrocarbons.
Gazprom will source LNG to India from its existing Sakahlin-2 offshore
gas fields and new sites in Russia and abroad.
In a release in Moscow, Gazprom said it considered India as 'one of its key LNG markets', along with Japan and other Asian countries.
Earlier last month, Gazprom's Singapore-based subsidy had signed MoUs with Indian energy majors - Gas Authority of India Limited, Gujarat State Petroleum Company and Petronet LNG Limited (Petronet) to supply about annual supply of 7.5-10 billion cubic metres of LNG.
According to Indian Ambassador to Russia Ajai Malhotra, the energy cooperation between Russia and India in the civil nuclear and hydrocarbons is set to become a "pillar of bilateral privileged strategic partnership".