Egypt and Libya will set up a $100 million joint venture for transporting oil and natural gas between the two countries, Egyptian Oil Minister Sameh Fahmi said on Saturday.
The entity, to be equally owned by the two countries, will transport Libyan crude to Egypt and Egyptian natural gas to Libya, the minister said, cited by Al Akhbar newspaper.
In a first phase, Fahmi said, $20 million 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.
Libya's oil production capacity is estimated by the Middle East Economic Survey at 1.6 million barrels a day, a figure expected to rise to two million in the coming years, said AFP – Albawaba.com
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