India earmarked two multibillion dollar energy deals with Iran and Russia on Friday, underlining its rivalry with China in the race to secure oil and gas supplies to fuel rapid economic growth.

In New Delhi, India signed a preliminary agreement with the National Iranian Oil Company unofficially estimated to be worth $40bn that committed the country to import liquefied natural gas and develop two Iranian oilfields and a gas field. Mani Shankar Aiyar, the Indian oil minister, said: ?Every last detail has been settled, price too.?