MOSCOW, October 9 (RIA Novosti) - Russia could cut by half the term for considering foreign bids for strategic assets and simplify application requirements, the Russian Industry and Energy Ministry said on Tuesday.

These changes are expected to come as a bill on foreign investment in commercial organizations of strategic importance for Russia's national security is being prepared for its second reading in the lower house of Russia's parliament.

"In particular, there are proposals to cut the term for considering foreign applications from three months to 45 days, both in standard and exceptional situations, and this measure will help reduce the general term of application consideration from six to three months," the ministry's press office said.

The bill will be debated in parliament on October 15 and the following day will top the agenda of a meeting between Russian Industry and Energy Minister Viktor Khristenko and EU Energy Commissioner Andris Peibalgs, the ministry's press office said.