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Rosneft and Libyan National Oil Corporation sign cooperation agreement

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Rosneft and Libyan National Oil Corporation sign cooperation agreement

Rosneft and the National Oil Corporation of Libya (NOC) signed a cooperation agreement, which provides for investments to be made by the Russian company in oil sector of Libya.

The corresponding document was signed by the head of Rosneft, Igor Sechin, and Chairman of NOC, Mustafa Sanalla, in London, on 20 February, the Libyan company said on Tuesday.

The agreement provides for the establishment of a joint working group for the implementation of projects in the areas of oil exploration and production. In addition, the company has concluded a contract on purchase of crude oil.

“Agreement with the largest Russian oil company will lay foundation for cooperation. Russia and Rosneft, by working with NOC, will be able to play an important role in the life of Libya”, - the press-service cites Mustafa Sanalla.

Libya is one of the three OPEC member countries, for whom an exception was made from the cartel’s plan to reduce oil production in the first half of 2017.

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