In the context of its strategy to boosting its investments in Egypt, Libya revealed that it will invest in an oil refinery and a number of construction projects in Egypt.
“The working groups between Egypt and Libya started to follow up the executive measures and decisions of the last visit of President Hosni Mubarak to Libya for increasing the cooperation and investment of Libya in Egypt during the coming period,” said the Egyptian Minister of Petroleum Eng. Sameh Fahmy.
The Egyptian-Libyan investments amount to about $6 billion, including the creation of an oil refinery of the third-generation capacity of 250 thousand barrels per day to produce high-quality petroleum products, added Fahmy after a meeting with Ali Shamekh, Head of Oil Libya.
In addition to the studies conducted for the location and economic feasibility, both parties are studying means of the Libyan participation to raise the capacity of an oil refinery in Assiut and upgrading its technology. This refinery plant is expected to produce high-quality petroleum products and meet the needs of Upper Egypt governorates.
Moreover, Oil Libya is to establish 500 oil and services stations, including all the required services to the consumers and contributes to the removal of bottlenecks in the oil supply in Egypt and will be a good model for marketing.
The minister stressed that these projects represent a “perfect” example of the successful cooperation and Arab integration.
From his side, Shamekh said that the implementation of 500 oil and service stations by the Libyan investments in Egypt is an important step in the development of economic relations between the two countries.