Russian President Vladimir Putin has reportedly ordered the government to outline detailed proposals for the state-run energy giant Rosneft to supply up to 10 billion cubic meters of pipelined natural gas exports to Europe.

The proposals are set to be worked out in close cooperation with Rosneft management and rival energy major Gazprom by March 1, Interfax news agency reported on Tuesday.

Gazprom currently holds a monopoly on European gas supplies.

The project was initially proposed by Rosneft chief executive Igor Sechin with the purpose of lowering gas prices across Europe, and generating additional budgetary income. (RT)