Russia turns Libya debts to deals

Moscow scraps $4.5bn in Libyan Soviet-era debt in exchange for business deals.

    Putin's trip to Libya was the first by a Russian president [AFP]

    Other deals included a co-operation deal between Russian gas giant Gazprom and Libya's national energy company about joint exploration and production projects in Libyan oil and gas reserves.

     

    Weapon imports

     

    Gazprom's press service said the company would also construct new power stations and liquefied natural gas (LNG) facilities in Libya.

     

    Kudrin did not give further details on other contracts signed, but Russian news agencies said one of them was for Russian Railways, which will build a 500km line through Libya over four years for around $3.2 billion dollars.

     

    Libya was an important ally of the Soviet Union and a major importer of Soviet weaponry.

     

    Diplomatic and trade relations were weakened after the fall of the Soviet Union in 1991.

     

    Putin's trip to Libya on Wednesday was the first by a Russian president and was hailed by Libyan leader Muammar Gaddafi as " historic, strategic and very important."

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.