Russia’s Energy Ministry to try to renew cooperation with Libya

Russia’s Energy Ministry will try to renew energy cooperation with Libya as soon as possible, the head of the ministry’s international cooperation department said on Thursday.

Russian energy companies LUKoil, Tatneft, Gazprom and its oil arm Gazprom Neft conducted geological prospecting in hydrocarbon-rich Libya under contracts signed during the Muammar Gaddafi-era.

After the rebels’ victory, the National Transitional Council said that all former contracts would be reviewed.

Experts have suggested Russia could lose out on business opportunities in the new Libya due to its initial refusal to recognize the National Transitional Council.

“We hope the current Libyan administration will show a civilized approach to cooperation with Russia,” department head Alexander Sukhov said.

“One of the items will be a return to previous contracts… it will be a signal not only for us, but also for all the international community that the  current Libyan government can work to civilized standards of international cooperation.”

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