A Russian delegation led by Deputy Prime Minister Igor Sechin will pay a two-day visit to Istanbul on Thursday to discuss the construction of Turkey's first nuclear power plant and other energy projects.

The two countries signed a joint statement on plans to build a nuclear power plant on Turkish soil during Turkish Prime Minister Tayyip Erdogan's visit to Moscow in mid-January.

Erdogan said his country was completing preparations for the signing of a formal agreement on the construction of a nuclear power plant on its territory. Russian Prime Minister Vladimir Putin said Russia had "significant advantages over other competitors" in the deal.

The Haber Turk daily said the sides would discuss joint projects worth over $30 billion in total during the talks in Istanbul, including the construction of the South Stream and Blue Stream natural gas pipelines, as well as the Samsun-Ceyhan oil pipeline.

With bilateral trade reaching from $33.8 billion to $38 billion, according to various estimates, Russia is Turkey's largest trade partner. The two states are expected to treble the figure in the next five years.

Turkey is Russia's second largest hydrocarbon importer and fifth largest trade partner.