Libya, Russia in energy talks

TRIPOLI, Libya, Oct. 25 (UPI) -- Libya and Russia plan to develop investment cooperation in oil and gas.

Shukri Ghanem, chief of the board of directors of the Libyan National Oil Co., and Ara Abramyan, the co-chairman of the Russia-Libya Business Council, held talks in Tripoli Wednesday, according to the Itar-Tass news agency.

The meeting, which covered prospects for cooperation between the two countries, also addressed what could be done in the oil and gas sector.

Among the possibilities discussed was the idea of increasing Russia's investment in Libya's oil and gas market.

Ghanem and Abramyan agreed to set up a new joint working group to specifically find other areas of interaction and also discuss the establishment of joint stock societies.

The group will have the task of studying variables including the sales market, prospects for new drilling operations, the state of the basic oil infrastructure and the development of draft agreements in the oil and gas sectors.