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Russia has significantly boosted its involvement in Libya by signing a potentially major contract to help redevelop Libyan oilfields.
The head of the Libyan national oil corporation (NOC) signed a cooperation agreement with Rosneft, the Russian oil giant, which NOC said on Tuesday “lays the groundwork for investment by Rosneft in Libya’s oil sector”.
“The agreement envisages the establishment of a joint working committee of the two partners to evaluate opportunities in a variety of sectors, including exploration and production,” an NOC statement said.
Russia had extensive investments in Libya before the fall of Muammar Gaddafi in 2011, and is eager to recover as many of them as possible in a country still plagued by violent conflict but keen to boost oil production with the help of foreign companies.
