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April 17, 2008 / 5:22 PM

Russia exchanges Libyan debt for deals

Russian President Vladimir Putin prepares for his news conference at the end of the NATO Summit conference in Bucharest on April 4 2008. (UPI Photo/Anatoli Zhdanov) ..

Russian President Vladimir Putin prepares for his news conference at the end of the NATO Summit conference in Bucharest on April 4 2008. (UPI Photo/Anatoli Zhdanov) .. | License Photo

TRIPOLI, Libya, April 17 (UPI) -- Russian President Vladimir Putin agreed to forgive $4.5 billion in Libyan debt Thursday in exchange for future business, the Russian leader said.

"We are satisfied with the way we have resolved this problem," Putin said. "I am absolutely convinced that the scheme we have arrived at will benefit both the Russian and the Libyan economies."

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Putin and Libyan leader Moammar Gadhafi signed 10 separate deals Thursday, Ria Novosti reported.

The deals include a joint venture between Russian natural gas giant Gazprom and Libya's National Oil Cooperation and a $2 billion railroad deal for Russian Railways, the report said.

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