The Mediterranean island nation of Malta and North Africa's Libya have signed a Memorandum of Understanding for the supply of oil products. The announcement of the MoU came during a joint press conference between Maltese prime minister Joseph Muscat and his Libyan counterpart Ali Zidan.
Malta said in a statement "the relationship between Malta and Libya took a quantum leap today with the signing of the memorandum of understanding, which is crucial and beneficial for both countries".
Under the MoU Libya will supply Malta with an undisclosed amount of oil products, including processed and crude oil, diesel, petrol, jet fuel, and LPG. The deal offers Malta the oil products under favorable terms and conditions.
The agreement between the two cannot be implemented immediately however as Libya's production and export levels are at an all time low due to protests in the country. The deal will push forward as soon as production returns to normal.
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