Egypt and Libya are to form a 100 million dollar joint venture for transporting oil and natural gas between the two countries, government daily Al-Akhbar Saturday quoted Oil Minister Sameh Fahmi as saying.
The entity, to be equally owned by the two countries, will transport Libyan crude to Egypt and Egyptian natural gas to Libya.
In a first phase, Fahmi said 20 million dollars will be earmarked for building pipelines between the two countries.
Egyptian natural gas reserves total 120 trillion cubic meters (4,200 trillion cubic feet), according to official figures.
Libyan oil production capacity is estimated by the Middle East Economic Survey at 1.6 million barrels a day, a figure expected to rise to 2 million in the coming years. —(AFP)
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