Libya Oil will invest EGP 500 million into Egypt over the next five years under its new commercial name, OLA Energy, the company announced in a press release.

The company did not provide further information about how it would invest the money in Egypt.

The new commercial name was unveiled in Egypt during the visit of Libyan Deputy Minister of Supply and Internal Trade for Trade Affairs, Ahmed Hossam El Din; and Chairman of the General Authority for Investment and Free Zone, Mohsen Adel.

“With continuing expansion plans and a commitment to economic development, we are injecting more than EGP 500 millon during the next five years, contributing to the provision of more than 30,000 jobs directly and indirectly,” said Mazen Bin Ramadan, CEO of Libya Oil Holding Group.

“With substantial investments in the industrial and logistics field, Ola Energy has managed to invest in manufacturing mineral oils through the OPSBA oil mixing plant in Alexandria, with the highest international quality certification in the ISO STANDARDS providing mineral oils to the local market as well as other neighboring African states,” said Mesbah El Beshti, General Manager of Ola Energy Egypt.