OPEC-member Libya and Portugal have signed two accords to boost co-operation in the oil and gas industry and allow the north African country to carry out investments inside and outside Portugal, Libya's official news agency Jana said. The two countries signed a framework agreement and a memorandum of understanding on Saturday in Tripoli during a visit by Portuguese Prime Minister Jose Socrates, Jana said.
The framework agreement seeks to encourage co-operation in oil and natural gas, especially in areas of exploration, drilling, distribution, refinery and oil supply, Jana said. The agreement also aims to boost bilateral trade and invited Portuguese companies to carry out projects in Libya in sectors such as housing, renewable energy, water purification, sanitation and tourism.
The memorandum of understanding, stipulates that the Libyan Investment Corporation (LIC) explore the possibilities of investment on its own, or in partnership with the Portuguese Ministry of Economy, in tourist, real estate and petrochemical projects both inside and outside Portugal, Jana said.