Petroleum Africa
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Wednesday, February 22, 2017
Libyan state-run oil firm, National Oil Corp. (NOC), signed a Cooperation Framework Agreement that lays down the foundation for the Russian firm’s investment in Libya’s petroleum sector.
The agreement was signed in London by NOC chairman Mustafa Sanalla and Rosneft chairman Igor Sechin on the sidelines of London’s International Petroleum Week.
The agreement envisages the establishment of a joint working committee to evaluate opportunities in a variety of sectors, including exploration and production.
The two also signed a crude oil offtake agreement, although no details were reported.
“We need the assistance and investment of major international oil companies to reach our production goals and stabilize our economy,” said Mr Sanalla. “This agreement with Russia’s largest oil company lays the foundations for us jointly to identify areas of cooperation. Working with NOC, Rosneft and Russia can play an important and constructive role in Libya.”
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