Azernews.Az

By Nigar Orujova

Libya and Azerbaijan, two countries with rich hydrocarbons reserves, may jointly implement a number of oil and gas projects, Libyan Labor and Retraining Minister Mohamed Fitouri Sualim said.

"Azerbaijan and Libya have a high potential for cooperation in the field of oil and gas both at the level of state and private sector ," Sualim told Trend.

He said Libya welcomes Azerbaijani investments, in particular, in the energy sector. Thus, among the projects that Azerbaijan could implement in Libya are ones relating to the exploration, production and refining of oil.

There is a need for the development and modernization of oil refineries in Libya, as well as for the construction of new refineries, Sualim said adding that the Azerbaijani companies could invest in this sector.

He also noted the good state of relations between Azerbaijan and Libya.

"There is a desire between these countries to strengthen relations and enhance their level of cooperation," he said.

Earlier in April, Azerbaijan Methanol Company AzMeCo announced its intention to invest in the construction and development of petrochemical and oil refinery plants in Libya.

Chairman of the board of directors of AzMeCo Nizami Piriyev voiced his company's interest in the oil and gas sector of Libya, in particular in the development of various projects jointly with the Libyan companies.

In March, Azerbaijani Ambassador to Libya Aghaselim Shukurov said Azerbaijan is interested in the Libyan oil and gas sector and voiced the Azerbaijani companies' intention to participate in drilling operations in hydrocarbon fields of Libya.

Diplomatic relations between Azerbaijan and Libya were established in 1992, when a Libyan delegation led by the finance minister visited Azerbaijan. A protocol on the establishment of diplomatic relations between the two countries, an agreement on setting up a joint commission as well as documents on cooperation, trade and the opening of air communications were signed during the visit.