He held talks with Equatoguinean President Teodoro Obiang Nguema on Thursday in Moscow, where both leaders agreed to boost bilateral ties.

"The potential investment capacity is big, and your country's capacity in developing these relations is also good," Mr Putin said.

"I am referring to the potential to do with, above all, the extraction of mineral resources," he added.

Equatorial Guinea, a small oil-rich central African country, is endowed with many mineral resources such as gold, diamond, uranium and gas.

President Nguema welcomed Russian companies for investment in his country.

He also thanked Russia for reopening its embassy in Equatorial Guinea.