German engineering conglomerate Siemens signed an agreement on Tuesday with Russia to help the country boost nuclear power generation.

Russia's atomic energy agency, known as Rosatom, said its chief, Sergei Kiriyenko, had signed the memorandum in Moscow with Rudi Lamprecht, a member of Siemens' managing board.

The development of atomic energy sector in Russia opens significant potential for cooperation, Rosatom said in a statement e-mailed to news agencies.

Rosatom said Siemens would help Russia boost nuclear power generation capacity at home and abroad and to reconstruct reactors.

Russia wants to boost nuclear energy production to about 25 percent of total electricity generation over the next 20 years from 16 percent currently.

President Vladimir Putin says at least two reactors each year must be built in Russia and has approved a large scale consolidation of the state-controlled atomic sector.