Egypt interested in boosting its oil projects in Libya

NOC

REUTERS- The building housing Libya’s oil state energy firm, the National Oil Corporation (NOC)

“Egypt is interested in boosting its oil projects in Libya, in cooperation with the Libyan National Oil Company (NOC),” Minister of Petroleum Tarek el-Molla said Wednesday.

Molla made the statements during a meeting with NOC chairman Mostafa Sanallah, in the attendance of a delegation of Libyan oil companies, to review cooperation.

“Egyptian petroleum companies had the ability and experience to hold successful oil and gas projects in Libya,” Molla said, adding that he also considered training Libyan workers in Egyptian training centers.

The pair also discussed developing joint projects for storage, trading and distribution of petroleum products.

Egypt and Libya have always been cooperating in the oil sector. In 2013, and in cooperation with Libyan oil company, OilLibya, development works at the “Tube” depot in Badr city started.

The depot contains 10 storage containers for diesel, Naphtha and gasoline as well as an 86 kilometer petrol pipeline to transport petroleum products to Upper Egypt’s governorates.

Spreading over 120,000 square meters, total investments of the new depot amount to $33 million and it has a storage capacity of 26,000 tons.

The project is said to be now 95 percent complete.

(Source: Egypt Today)

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