Israel and Russia will join hands in exploring renewable energy sources, Israel's Energy and Water Ministry announced Wednesday.

Ministry Director-General Shaul Zemach and newly-appointed Russian Deputy Energy Minister Anton Inyutsyn inked the deal in Jerusalem earlier this week during the latter's visit to Israel.

The two agreed to form "a unique working group" to draft a memorandum of understanding regarding expanding cooperation and the possibility of setting a bi-national fund for research and projects relating to renewable energy, according to a statement sent to Xinhua.

Other energy issues were discussed by a working group of representatives from both countries, as part of an annual gathering, included natural gas, electricity and preservation, the statement said.

Representatives of Russia's government-owned OAO Gazprom, the world's largest gas exporter, who accompanied Inyutsyn on his trip, said the company will continue to examine opportunities in exploring, developing and exporting natural gas from Israel. Endi