Moscow - Russian gas export monopoly Gazprom will start buying Libyan oil and gas and invest in the construction of a pipeline to and from the country to Europe, CEO Alexei Miller said on Wednesday.

"The Libyan side has positively appraised Gazprom's offers for the purchase in the long term of all volumes of oil, gas and hydrocarbons intended for export from Libya, at competitive prices," Miller said after meetings with Libyan President Moamer Gaddafi.

Gazprom also agreed to set up a joint refining venture with Libya's National Oil Corporation.

Former President Vladimir Putin was believed to have laid the groundwork for the deal in a visit to Libya in April. (dpa)