EMERGING MARKETS REPORT
Gazprom seeks to buy all of Libya's oil, gas exports
Russia's state-controlled gas giant seeks to expand presence in North Africa
By Polya Lesova, MarketWatch
Last update: 1:46 p.m. EDT July 10, 2008
NEW YORK (MarketWatch) -- Russia's state-controlled energy giant Gazprom is in negotiations to buy Libya's total export volume of gas, oil and liquefied natural gas at competitive prices, according to a statement Wednesday on Gazprom's Web site.
The news follows a meeting between Gazprom's CEO Alexei Miller and Libya's leader Moammar Gadhafi.
Libya and Gazprom decided "to initiate the thematic negotiations on the purchase of the currently available hydrocarbon volumes from the Libyan party," Gazprom said in a statement.
The two sides also agreed to establish a joint venture aimed at upgrading Libya's existing oil refining capacities and constructing new ones.