"Gazprom is negotiating a agreement with the Belgian partners on the construction of a major natural gas depot," Putin said.
France, the Netherlands and Britain have expressed interest in participating in the NEG project, he said.
The 1,200km-long NEG pipeline will not employ third-party countries for transit, lowering transport costs and making it more reliable for export. The pipeline will pass through Russia's Vyborg region, go under the Baltic Sea and emerge in Germany.
Putin also said Russia intends to increase natural gas deliveries to European countries by 60 billion cu m in the near future.
"The contracts have been signed already," he said.
Putin said Russia is ready to remain a reliable partner for Europe in increasing its energy security.
"We are increasing the production and sales volume [of energy resources] and will continue doing so," he said.
