The two state companies will establish a joint working committee to explore possible cooperation in various fields, including exploration and production. LONDON: Russia’s Rosneft oil giant has paved the way for investment in Libya’s oil sector by signing a Cooperation Framework Agreement with the National Oil Corporation of Libya, it was announced Tuesday. Under the deal, the two state companies will establish a joint working committee to explore possible cooperation in various fields, including exploration and production. Sanalla last month announced plans to encourage investment by foreign oil companies in an effort to boost Libya’s oil production to 2.1 million barrels per day by 2022. “We need the assistance and investment of major international oil companies to reach our production goals and stabilise our economy,” he said.

Source: Libya Today February 21, 2017 17:15 UTC