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Friday, August 01, 2008

Libya, Russia talk up investment cooperation in oil, gas sector

MOSCOW, July 31 (RIA Novosti) - Libya is interested in Russian investment in its oil and gas sector, the country's prime minister said Thursday. "We would like to see broader cooperation in the investment sphere between Russia and Libya in the oil and gas sector," al-Baghdadi Ali al-Mahmoudi told his Russian counterpart. Prime Minister Vladimir Putin said Russia would do all it could to ensure a favorable environment for Libyan investment in Russia. "We are interested in foreign investment and see no impediments to expanding this sphere of cooperation," he said. Mahmudi said there have been active consultations between the Libyan National Oil Corporation and Russian energy giant Gazprom, with which Libya enjoys "a special relationship." He added that Libya's investment agency intends to open its office in Russia. Mahmudi invited Putin to visit Libya in August to attend the launch of a $2.2 billion railway construction project. Libya holds Africa's fourth largest gas reserves, estimated at 1.49 trillion cubic meters.

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