Russian Rosneft signs oil deal with Libya’s National Oil Corporation

Russian Rosneft signs oil deal with Libya’s National Oil Corporation

February 21, 2017 - 18:31
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Written By: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) has signed an oil cooperation deal with the Russian oil company, Rosneft, on the sidelines of the London-held International Petroleum Week, which includes the most vital world oil firms in Europe and the Middles East.

The deal was signed by the Chairman of the NOC, Mustafa Sanallah, and the Chairman of Rosneft, Igor Ivanovich Sechin.

“We need assistance and the investment of world giant oil companies to achieve the target of Libya’s oil production and stabilize our economy.” Sanallah explained to the press following the signing of the deal.

He added that the deal that was struck with the biggest Russian oil firm paves the way for the two companies to specify the intended cooperation strategies in the oil field.”

On its website, the NOC pointed out that the cooperation deal will see the formation of a joint work committee from the Russian and Libyan companies to assess the opportunities available in different sectors including oil production and exploration.

The NOC also signed a deal that allows Rosneft to purchase crude oil from Libya.

“The deals with Rosneft are part of the plans of the NOC to encourage investment by the foreign companies so that Libya’s oil production can hit 2.1 million barrels per day by 2022.” The NOC remarked.