Russia swaps Libya debt for deals
Russia has agreed to cancel $4.5bn (£2.3bn) of Libyan debt in exchange for major contracts for Russian firms.
The announcement came during a visit to Tripoli on Thursday by the Russian President, Vladimir Putin.
The two countries signed deals on energy co-operation, military assistance and construction of a 500km (310-mile) railway line in Libya.
Russia's state gas monopoly Gazprom plans large-scale exploration and production projects with Libya's national energy company. They will include liquefied natural gas installations and gas-fired electricity plants in Libya.
Gazprom is also holding preliminary talks with Nigeria about a multibillion-dollar project to deliver Nigerian gas to Europe via a pipeline across the Sahara. The project is costed at $10bn for the pipeline and $3bn for other installations, delivering up to 30bn cubic metres a year of gas to Europe. The 4,128km (2,580-mile) pipeline from Nigeria will cross Niger and Algeria.
Mr Putin said Libya "is orientated towards the most active co-operation with Russia in all areas".
Libya's Col. Gaddafi is no longer an international pariah
http://news.bbc.co.uk/2/hi/europe/7353997.stm
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Interesting to see how the old alliance lines are still firmly in place. BUt... if Lybia couldn't pay the old debt, how are they going to pay for all this new development? What is in it for Russia?
Europe will be happy to get energy from an additional source besides Russia and Norway..
http://www.guardian.co.uk/world/2007/mar/16/business.russia
Russia has agreed to cancel $4.5bn (£2.3bn) of Libyan debt in exchange for major contracts for Russian firms.
The announcement came during a visit to Tripoli on Thursday by the Russian President, Vladimir Putin.
The two countries signed deals on energy co-operation, military assistance and construction of a 500km (310-mile) railway line in Libya.
Russia's state gas monopoly Gazprom plans large-scale exploration and production projects with Libya's national energy company. They will include liquefied natural gas installations and gas-fired electricity plants in Libya.
Gazprom is also holding preliminary talks with Nigeria about a multibillion-dollar project to deliver Nigerian gas to Europe via a pipeline across the Sahara. The project is costed at $10bn for the pipeline and $3bn for other installations, delivering up to 30bn cubic metres a year of gas to Europe. The 4,128km (2,580-mile) pipeline from Nigeria will cross Niger and Algeria.
Mr Putin said Libya "is orientated towards the most active co-operation with Russia in all areas".
Libya's Col. Gaddafi is no longer an international pariah
http://news.bbc.co.uk/2/hi/europe/7353997.stm
------------------------------------------------------------
Interesting to see how the old alliance lines are still firmly in place. BUt... if Lybia couldn't pay the old debt, how are they going to pay for all this new development? What is in it for Russia?
Europe will be happy to get energy from an additional source besides Russia and Norway..
http://www.guardian.co.uk/world/2007/mar/16/business.russia