Egyptian-Libyan oil, gas company's inaugural assembly

The Egyptian-Libyan Arab oil and gas pipeline company held its inaugural assembly in Cairo Saunday in the presence of Egyptian Petroleum Minister Sameh Fahmi and Secretary-General of the Libyan People's energy committee, Libyan official Abdul Hafez El-Zoliten said.

"The new company was founded on the basis of the investment incentives law. Libya and Egypt have equal shares of company stock," the Petroleum Minister said, adding that the firm's authorized capital is US $100 million and issued capital is at $10 million.

"Investment costs for the first project's phase are estimated at US $20 million," he said, emphasizing that he would be discussing with the top Libyan energy official future cooperation projects in oil, the marketing and distribution of oil products and exchange in technical expertise.