Russian natural gas Company, Gazprom and the National Oil Corporation of Libya has decided to set up a joint oil and gas venture. It is during the visit of the Russian President Vladimir Putin in Libya that the deal came along.

 

Gazprom CEO Alexei Miller said on Wednesday that the joint venture will be applicable in all parts of the oil and gas chain, right from its production to its sales. He also said that the company is interested in liquefied natural gas projects with Libya and has expressed its desire in construction of a gas pipeline from Libya to Italy.

 

Gazprom is the biggest extractor of natural gas in the world and it controls a large portion of the world's total gas reserves. The company also has assets in banking, insurance, media, construction and agriculture.