Led by Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee, Gazprom’s delegation went on 28 January to the Socialist People's Libyan Arab Jamahiriya, holding a meeting with Abdulla Salem El-Badri, Chairman of the Libyan National Oil Company (NOC).

The parties discussed potential joint businesses in the Libyan oil & gas sector, including gas infrastructure developments, Gazprom’s participation in hydrocarbon production, transmission and processing projects and mutual consultations in hydrocarbon marketing aspects.

Alexander Medvedev underscored that the long-term and mutually beneficial cooperation between Gazprom and NOC was based on the principle of promoting joint activities in the entire value cycle from hydrocarbon extraction to end product marketing.

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The fourth-largest in Africa after Algeria, Nigeria and Egypt, Libya’s proved natural gas reserves account for 1.49 tcm. The country’s gas potential is practically not used: annual production stands at 7 bcm (as of the year 2004), with 83 per cent consumed domestically and the remaining 17 per cent exported. Over 2004 Libya supplied 500 mln cu m of pipeline natural gas to Italy and 630 mln cu m of LNG to Spain.

Libya is the first African and fifth OPEC (preceded by Saudi Arabia, Kuwait, UAE and Iraq) country by the proved reserves of light sweet crude oil (5 bln t).

As of 1 January 2005 Libya’s oil reserves were valued at 7 bln t. Over 2004 the country produced 75.8 mln t of oil.