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    A general view of the El Sharara oilfield, Libya December 3, 2014

    Libya Needs Russian Technology to Return Country's Oil Industry to Normal

    © REUTERS / Ismail Zitouny
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    Petroleum Minister Mashallah Zwai said that Libyan oil producers plan to meet in Moscow within a month with Russian representatives to discuss the need for Russian technology in the oil industry.

    MOSCOW/BAYDA (Sputnik) Libyan oil producers plan to meet in Moscow within a month with Russian representatives to discuss the need for Russian technology in the oil industry, Libyan Petroleum Minister Mashallah Zwai told Sputnik.

    “Last month we had a planned visit to Moscow but it was postponed. We are now expecting that the visit will take place within a month with a number of Russian companies,” Zwai said.

    He said that Libya needs Russian technology in the country’s oil industry in order to return as a player on the market.

    “We now need to return oil extraction to a normal level. We need Russian experience and technology,” Zwai said.

    Libya’s revenue has dropped tenfold since 2012 because of the crisis in the oil industry, leaving a budget deficit in the country for this year, Libyan Petroleum Minister said.

    “The fall in the level of [oil] extractions along with the falling oil prices have led to a large deficit in the budget. We expect that the overall revenue this year will be close to $5 billion,” Zwai said.

    According to Zwai, Libyan revenues totaled $60 million in 2012.


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