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 NORTH REGION NEWS

Libya signs 20-year oil deal with Indonesia

TRIPOLI, February 10 -- Libya and Indonesia signed a deal on Thursday for the north African state to supply the world's most populous Muslim nation with crude oil for the next 20 years, the National Oil Corp said.

Under the agreement, Tripoli will supply Jakarta with a minimum of 50,000 barrels per day, a figure rising to 200,000 bpd from 2013, the NOC said.

"We want to ensure Libyan oil is exported to the Southeast Asian market," said NOC Chairman Shukri Ghanem, who added that his country also aimed to be invloved in constructing a refinery in Indonesia to process Libyan crude.

The accord was signed during a visit to Tripoli by Indonesia's energy and mining minister, Purnomo Yusgiantoro.

OPEC member Libya is the African continent's second largest oil producer with 1.7 million bpd. It has estimated reserves of 42 billion barrels and aims to reach a production level of three million bpd in 2010. - middle-east-online