Oman, Libya ink economic agreements

Muscat: Oman and Libya signed three significant agreements cementing their growing economic ties at the end of two days of official talks that concluded in Muscat at the weekend.

In addition to an agreement on the avoidance of double taxation, the two sides also signed a deal to regulate air travel between the two countries.

The two countries also agreed terms to restructure the Oman-Libya Investment Holding Company, a joint venture firm set up by the two governments with a capital of $250 million (Dh919.5 million).

Talks also covered prospects for joint investment in Libyan petrochemical schemes and upstream ventures.

The Oman Oil Company discussed avenues for joint venture cooperation with Libyan oil firms in this regard.