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Daily News Egypt (Egypt)
Article date:
January 13, 2009
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Egypt, Libya to invest $6 bln in oil facilities

Egypt and Libya will jointly invest $6 billion in a new refinery, expanding another and building 500 gas stations, the Egyptian Oil Ministry said in a statement on its website today.

Ali Al Shamekh, chairman of Libya Oil Holdings Ltd, a unit of the Libyan Investment Authority, met Egyptian Oil Minister Sameh Fahmy on Monday to discuss details of the plan, the statement said.

The new refinery will be able to process 250,000 barrels of oil a day, according to the ministry.

Libya also agreed to set up a new facility in the Assiut Petroleum Refining Co., one of Egypt's nine existing ...

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