Libyan leader Moamer Kadhafi hailed Russian President Vladimir Putin's official visit as "historic and strategic" during a state dinner at the Bab Azizia palace, state television reported on Thursday.
"This is the first visit by a Russian president to Libya. It is a historic, strategic and very important visit," Kadhafi said in a speech late on Wednesday.
"The trip will enable increased cooperation, given that we are both producers of gas and oil," Kadhafi said. "We will work together to defend our interests."
Libya is a non-permanent member of the UN Security Council for 2007-2008, and Khadafi said the world body needed to be reformed in order to face what he called an "imbalance of forces" internationally.
Putin, who spoke in Russian, said: "We must reflect on the project to reform the United Nations" and referred to "a friendly country on the Security Council with which we can work together to resolve problems."
The Russian president said "a large number of agreements" would be signed between the two countries during his 24-hour visit to Libya.
Putin arrived in Tripoli on Wednesday at the head of a large delegation for a visit expected to be dominated by talks over energy contracts and arms sales.
Later on Thursday he is set to fly to Sardinia for talks with prime minister-elect Silvio Berlusconi, whose People of Freedom party and allies scored a convincing general election victory in Italy on Monday.
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