Libya is working to revive suspended oil and gas contracts with Russian energy companies, a senior official from the Presidential Council has confirmed.
Speaking to the Russian state news agency TASS, the official said that Libya considers the resumption of cooperation with Russian firms in the oil and gas sector a promising economic opportunity. He added that broader collaboration—especially in rebuilding infrastructure and energy facilities—also holds strong potential.
Foreign energy companies, including major Russian players, largely withdrew from Libya after 2011 due to conflict, political instability, and widespread insecurity. Several contracts were suspended during that period, and the presence of international oil firms sharply declined.
Now, with the gradual stabilization of oil production and a clearer focus on economic recovery, Libya is seeking to reactivate key agreements and attract new investment. This initiative includes reopening discussions with Russian firms previously involved in exploration and development projects.
In May 2024, Libya’s Minister of Investment, Ali Al-Saeedi Al-Qaidi, announced during the Russia–Islamic World: Kazan Forum that Libya was prepared to sign a new deal with Russian energy giant Tatneft to build an oil refinery inside Libya. The statement was seen as a signal that high-level talks were already underway.
Meanwhile, Libya’s National Oil Corporation (NOC) recently reassured international partners that all oil and gas operations are running smoothly. In a statement, the NOC confirmed that production and exports are proceeding across all fields and ports under strict safety and operational standards.
As Libya continues to position itself as a stable energy supplier in the Mediterranean region, restoring relations with Russian companies may serve as a critical step in attracting foreign capital, technology, and long-term investment, particularly in refining, transport infrastructure, and downstream operations.
