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Prime Minister Vladimir Putin holds late-night working meeting with Deputy Prime Minister Igor Sechin

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Vladimir Putin: Mr Sechin, in previous years, the year before last in any case, we made decisions and co-ordinated discounts on fuels and lubricants with our main oil companies - mostly discounts on diesel fuel and petrol - for agricultural producers during the spring sowing season and for the harvesting season.

I asked for the relevant resolutions to be drafted for this year, since, according to current legislation, Russian oil companies, strictly speaking, do not have the right to make such discounts without a formal resolution from the Russian government.

Please report on the work that has been done.

Igor Sechin: Mr Putin, as per your directive, all of the preparatory work by the Energy Ministry, Agriculture Ministry and the government has been completed. We have received the consent of the oil companies to organise supplies in the interests if agricultural producers. A government directive specifying the supply of certain types of fuels and lubricants to agricultural producers at a 10% discount off the wholesale price has been drafted. In terms of the retail price, the discount could be from 20% to 30%.

This is a very substantial concession that all the oil companies have approved. In 2010, the schedule of supplies of fuels and lubricants at these prices will be approximately 450,000 tonnes of petrol and approximately 2.5 million tonnes of diesel fuel. Mr Putin, the government directive is done and dusted. We ask you to sign it.

Vladimir Putin: Good, leave it with me. I'll read it and make a decision. We'll do this as fast as possible. I mean in light of the agriculture industry's request and with the imminent start of the work in certain regions.

How much do you estimate the industry will save once these measures are implemented?

Igor Sechin: Mr Putin, this is a very significant concession and is in great demand among our agricultural producers. The extent of the discount in monetary terms should be around 5.5 billion roubles. Last year, it was approximately three billion roubles. But this year, both the regions and the Agricultural Ministry are increasing the quota due to the country's economic growth. And it will be specifically on the order of 5.5 billion roubles.

Vladimir Putin: That's respectable. Thank you.