Libya-Egypt Oil Pipeline Project Valued at Over $1 Billion
Egypt and Libya are moving forward on a joint project to build an oil pipeline linking Tobruk in Libya to Alexandria, Egypt. The 800-kilometer pipeline will transport Libyan crude for refining at Egyptian facilities on the Mediterranean coast.
The estimated cost of the project is over $1 billion, with both countries exploring financing options and implementation details.
The development comes after talks between Egyptian Prime Minister Mostafa Madbouly and Libya's Government of National Unity Prime Minister Abdul Hamid Dbeibeh to strengthen energy cooperation.
Libya's oil production has reached 1.43 million barrels per day, with the country aiming to reach 1.5 million bpd. Egypt is seeking to import at least 1 million barrels of Libyan oil per month due to disruptions in Kuwaiti crude supplies.