(Corrects story published on Monday October 25 to make clear that LNG will be swapped for gas, and not for India's stake in Sakhalin-1 project)

MOSCOW, October 27 (RIA Novosti) - Russian gas giant Gazprom is considering the possibility of a liquefied natural gas (LNG) deal with India, Gazprom's head of Foreign Relations Stanislav Tsygankov said on Monday.

"They would want to receive Russian LNG, we are talking swaps," Tsygankov said.

He also said that the two countries were discussing India's possible concession of its share of gas in the Sakhalin-1 oil and gas project as part of a future LNG deal.

India's ONGC holds a 20 percent stake in the Sakhalin-1 project.

"It is one of the elements of the talks, though it is not yet being implemented," Tsygankov said.

The Sakhalin-1 project includes the Chaivo, Odoptu and Arkutun-Dagi deposits, with reserves estimated at about 307 million tons of oil (2.3 billion barrels) and 485 billion cubic meters of gas (17 trillion cubic feet).

Exxon Neftegas and Japan's Sodeco own 30 percent each in the project. Russia's Rosneft holds 20 percent.