Thursday, February 23, 2017

Russian and Libyan state signs oil deal

Russia's Rosneft oil giant has paved the way for investment in Libya's oil sector by signing a cooperation agreement with the National Oil Corporation of Libya.
Under the deal, the two companies will establish a joint working committee to explore possible cooperation in various fields, including exploration and production.

The deal underlines Russia's growing interest in Libya and support for eastern-based military commander Khalifa Haftar.

His forces control most of Libya's oil resources, and have recently been cooperating with the Tripoli-based NOC despite earlier attempts by eastern factions to sell oil independently.

Commodities trader Glencore is a shareholder in Rosneft and a trading partner for the Russian firm.'

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