MOSCOW, October 5 (RIA Novosti) - Russia plans to offer Britain a range of projects on joint energy efficiency investments, Russian Energy Minister Sergei Shmatko said on Monday.

Russian Energy Minister and his British counterpart Ed Miliband signed on Monday a memorandum of mutual understanding.

"According to the memorandum, by the end of the year, a project of priority measures is expected to be developed," Shmatko told a news conference, following a signing of the memorandum. "We have agreed that Russia will propose a range of investment projects within the next month."

He did not elaborate on concrete projects and companies, saying details would be finalized during project development.

Shmatko also said a special working group is to be created in order to consider projects in ten various fields of the energy efficiency sphere, adding that the companies involved in the projects would be provided with par finance terms.

Ed Miliband said Russia and Britain could exchange their experience in the fields of heating and renewable energy sources.

In June 2008, Russian President Dmitry Medvedev urged an increase in the country's energy efficiency by 40% by 2020. The program is being supervised by the Russian Ministry of Energy.