international magazine
09 / 2004

Going Africa

Ukraine's oil&gas company NAK Naftogaz Ukrainy signed PSA agreement with Libya's National Oil Corporation (NOC) on 10 October in Tripoli. Only a year has passed since NAK and NOC signed memorandum on cooperation but Ukrainian operator already reached the launch stage for its projects on oil and gas production in the country formerly closed for foreign investors. The Libyan projects are the integral part of strategy for the Ukrainian company, which aims to diversify oil&gas production assets and to participate in development of the fields outside Ukraine including Libya and Iraq among other countries. The strategy, used previously by Finland's Fortum and Austria's OMV, now global companies, would propel NAK into the global league, too.