OREANDA-NEWS. July 10, 2008. Headed by Alexey Miller, Chairman of the Gazprom Management Committee a Gazprom’s delegation visited the Socialist People's Libyan Arab Jamahiriya.

Within the visit the delegation met with Shokri Mohamed Ghanem, Chairman of the Management Committee of the Libyan National Oil Corporation.

The parties positively appreciated the status of implementing the provisions set out in the Memorandum of Cooperation signed between the companies. Additionally, the participants discussed further steps aimed at deepening cooperation in the oil and gas area including the issues related to the establishment of a joint venture for the implementation of projects for gas and oil fields exploration & development and energy infrastructure facilities construction in Libya. The parties also agreed to establish a joint venture aimed at upgrading the existing oil refining capacities and constructing new ones.

A working meeting between Alexey Miller and Mu'ammar al-Qadhafi, a leader of the Libyan Revolution was held. During the meeting the parties expressed opinions on the opportunities for deepening a mutually beneficial long-term partnership between Gazprom and Libya.

The parties discussed the interaction issues as part of the preparation for the next meeting of the Gas Exporting Countries Forum.

The meeting members reviewed issues of marketing policy coordination. The Libyan party positively appreciated Gazprom’s proposals concerning the potential purchase of total export volume of gas, oil and LNG from Libya at competitive prices.

The parties agreed to initiate the thematic negotiations on the purchase of the currently available hydrocarbon volumes from the Libyan party.

The trends of the global oil market were considered at the meeting. The parties agreed that the hydrocarbons price would grow, while the gas price would further move towards the global oil prices (in terms of a ton of fuel equivalent).

Gazprom accepted the Libyan party’s proposal to negotiate the potential construction of new capacities to transmit gas from Libya to Europe.

Supplementing the agreements reached during the Russian Federation President’s visit to Libya in this April, the parties agreed to establish in the shortest possible time a joint venture to operate in third countries, in particular, in Africa.

Before end July, a delegation of Gazprom’s experts will arrive to Libya for elaborating agreements achieved in all areas of cooperation.