CAIRO: Egypt and Libya are nearing the launch of a joint project to build an 800-kilometer oil pipeline linking the Libyan city of Tobruk with Alexandria, transporting Libyan crude to Egyptian refineries on the Mediterranean coast. The project’s preliminary cost is estimated at more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity.
Refining Libyan oil in Egypt
The official added that the pipeline will transport Libyan crude primarily for refining at facilities in Alexandria. Egypt and Libya are currently exploring financing options for the pipeline, as well as implementation details, volumes and the pipeline’s final overall capacity, in a way that aligns with Libya’s export capacity and the capabilities of Egyptian refineries, according to the official.
The development comes just days after Egyptian Prime Minister Mostafa Madbouly held talks with Abdul Hamid Dbeibeh, prime minister of Libya’s Government of National Unity, to strengthen energy cooperation between the two countries, particularly in natural gas, petroleum refining and electricity interconnection.
Libya’s National Oil Corp. did not respond to requests from Asharq Bloomberg for comment.
