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Before arriving in Italy, Vladimir Putin struck a number of deals in Libya. Russia's president agreed to write off Libya's debt in exchange for military and civilian contracts awarded to Russian companies.
The debt totals 2.8 billion euros, and much of the money is owed for arms supplied during the Soviet era. Libya earned more than 25 billion euros from its gas and oil industries last year.
In the past two years, the Russian firms Tatneft and Gazprom have won exploration permits. Gazprom president Alexei Miller says Libya is increasingly attractive. "According to geological surveys, there could be double the resources we expected. Hence our great interest in the country. It looks like Libya could become an even more important player in the gas market."
Ten business and political agreements were signed during Putin's visit. A further deal to modernise weaponry is due to be concluded in the coming days.
// 18.04.2008 13:13
News URL: http://news.mediaport.info/eng/world/2008/4046.shtml
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