04-17-2008, 04:26 AM
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Join Date: Feb 2008
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Russia writes off Libya’s debt
Quote:
Russia writes off Libya’s debt
Russia's Finance Minister Aleksey Kudrin says the country will write off Libya's $US 4.6 billion Soviet-era debt, in exchange for contracts for Russian firms. The statement comes as President Putin is on the second day of his visit to the oil-rich African state.
Wednesday’s face-to-face meeting between Putin and Gaddafi was followed by talks between the delegations of the two countries.
Libya is experiencing a major construction boom. The government in Tripoli plans to spend 50 billion dollars building roads, so it’s no wonder companies around the world are keen to work there.
The President of JSC Russian Railways, Vladimir Yakunin, says his company is close to signing the contract worth bullions of dollars.
“This railroad will go along the Mediterranean coast, linking Egypt and Tunisia. The Libyan side is paying for the construction work. We received the contract without tender,” Yakunin said.
He added though that the negotiations weren't easy.
“They never are when people have a specific idea of what they want. We are grateful to our partners because these difficult talks did bring a positive result,” he said.
Still, the major deal to be signed during this visit is between Russia’s Gazprom and Libya’s National Oil Company. The two oil giants have agreed to form a joint venture to search for hydro-carbons in North Africa.
Gazprom chairman Aleksey Miller said the venture will work in all areas of gas and oil prospecting, including geological exploration, development, transportation and supply.
“We’ve also agreed that electricity will be part of our joint work. The advantages of using gas to produce electricity are obvious,” he added.
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Source: http://www.russiatoday.ru/news/news/23595
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