Bloomberg reported on Monday that Egypt and Libya are nearing the launch of a joint project to construct an 800-kilometer oil pipeline connecting the city of Tobruk with Alexandria to transport Libyan crude oil to Egyptian refineries along the Mediterranean coast.<\/p>\n\n\n\n
The agency indicated that the project\u2019s initial cost is estimated at more than $1 billion, according to a government official who spoke to Bloomberg on condition of anonymity.<\/p>\n\n\n\n
The official added that the pipeline would primarily transport Libyan crude oil for refining at facilities in Alexandria. Egypt and Libya are currently considering financing options for the pipeline, as well as implementation details, volumes, and the pipeline\u2019s final overall capacity, in line with Libya\u2019s export capacity and the capabilities of Egyptian refineries, according to the official.<\/p>\n\n\n\n
According to Bloomberg, the development comes just days after Egyptian Prime Minister Mostafa Madbouly held talks with Abdul Hamid Dbeibah to strengthen energy cooperation between the two countries, particularly in natural gas, oil refining, and electricity interconnection.<\/p>\n\n\n\n
The agency also confirmed that the National Oil Corporation did not respond to Bloomberg\u2019s requests for comment.<\/p>\n\n\n\n
A government official also told Bloomberg that Egypt and Libya would benefit significantly from the project. Refining Libyan crude would help supply the Egyptian market with petroleum products, while enabling Libya to benefit from increased domestic crude oil production by securing a share of petroleum products for domestic consumption or exporting the surplus, in addition to strengthening cooperation with Egypt.<\/p>\n\n\n\n
The agency added that Egypt is seeking to import at least one million barrels of Libyan oil per month to compensate for the suspension of Kuwaiti crude oil supplies, amid disruptions to shipping through the Strait of Hormuz due to escalating military tensions in the region, according to a government official who previously spoke to Bloomberg.<\/p>\n\n\n\n
According to the agency, the move strengthens energy cooperation with Libya amid growing concerns about wider disruptions to global oil and gas supplies as regional tensions escalate, with some production already halted following attacks on key infrastructure.<\/p>\n\n\n\n
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Bloomberg reported on Monday that Egypt and Libya are nearing the launch of a joint project to construct an 800-kilometer oil pipeline connecting the city of Tobruk with Alexandria to transport Libyan crude oil to Egyptian refineries along the Mediterranean coast. The agency indicated that the project\u2019s initial cost is estimated at more than $1 […]<\/p>\n","protected":false},"author":13,"featured_media":257848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":0,"footnotes":""},"categories":[124],"tags":[613],"class_list":["post-257847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reports","tag-libya"],"acf":[],"yoast_head":"\n