Following a two-day meeting in Berlusconi's villa in Sardinia, the two leaders said they would seek to broaden cooperation between Russian gas giant OAO Gazprom (GAZP.RS) and Italian oil and gas company Eni SpA (E).
In November 2006, Eni and Gazprom signed an accord cementing their ties. As part of the deal, Eni was allowed to enter Russia's hydrocarbon market, while Gazprom was free to sell gas directly in Italy. The companies also agreed to swap some of their assets.
Berlusconi said there were "many possibilities to broaden" relations between the two companies, without elaborating. Putin said he hoped Gazprom could have a role in Libya with Eni, but didn't provide details.
Eni's Chief Executive Paolo Scaroni said Thursday that Libya's 'Elephant' oil field is among the asset options offered to OAO Gazprom as part of the accord the two energy companies signed in 2006.
Putin flew to Italy Thursday after having met the Libyan leader Moammar Gadhafi.
Eni, together with utility Enel SpA (ENEL.MI), last year paid a total of $5.83 billion for some of the assets of bankrupt Russian company OAO Yukos (YUKO.RS), allowing the two Italian energy companies to move into Russia's vast hydrocarbon market.
Among these assets were gas-producing companies ArcticGaz and Urengoil. In return, the Italian companies gave Gazprom an option to buy a majority stake in the former Yukos assets by April 2009 and said they would offer Gazprom assets outside Russia.
Turning to another potential field of cooperation, Putin said Russian carrier Aeroflot (AFLT.RS) was ready to reopen tie-up talks with Alitalia (AZA.MI) after an auction to sell the struggling Italian airline fell apart last year.
"Today I talked to Aeroflot's board chairman," the Russian leader told a press conference. "He is ready to resume contacts with Italian partners."
Berlusconi said Alitalia's future was still very much open, adding a merger with Air France-KLM (AFLYY) remained on the cards provided it would be on "equal terms."
Berlusconi and Putin are old friends and political allies. Their meeting was arranged quickly after Berlusconi's election victory this week, even though the Italian conservative billionaire has not yet been sworn in for what will be his third stint as prime minister.
Berlusconi's new center-right government is expected to be sworn in by May 9.