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Libyan Newswire

NOC and Russian Rosneft Sign Cooperation Agreement

Tripoli, 21 February 2017(Lana) The National Oil Company and the Russian Rosneft firm have signed an agreement for cooperation in the oil sector. The signing took place at the International Oil Week held in London and attended by major international oil companies from Europe and the Middle East. The agreement which was signed on the NOC side by Mustafa Sun'allah, the Company's CEO, and the CEO of Rosneft Igor Sitechene, provides for establishment of a joint working committee to explore prospects of joint ventures in the area of exploration and production. NOC also signed an agreement to sell crude to Rosneft. The agreement comes as part of NOC plans to encourage foreign investments in the Libyan oil sector, with the aim of raising production to 2.1 million barrels by 2022, the NOC said. 'We are in need the help of major oil companies to meet our production goals and stabilize our country, Sun'allah said. =Lana=

Source: Libya n News Agency