Russia increases connections with Libya by signing major oil deal

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The head of the Libyan national oil corporation has signed a major cooperation agreement with Russian oil giant Rosneft, which will effectively lay 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.

Russia had extensive investments in Libya circa 2011, and is eager to recover as many of them as possible in a country still overwhelmed by violent conflict but ardent to boost oil production with the help of foreign investment.