Ebeid probes oil strategic plan with Libya

Egypt's Prime Minister Atef Ebeid earlier this week received Ahmed Abdel Karim, the chairman of the Libyan International Investment Company.

ÊÊÊ Petroleum Minister Sameh Fahmi, who attended he meeting together with the Libyan Ambassador in Cairo, told reporters later that the Libyan company was investing funds in a large number of projects in a number of European and African countries including Egypt.

ÊÊÊ "Ebeid discussed with the Libyan official the broadlines for an integrated strategic plan to boost bilateral cooperation in the fields of oil, gas and petroleum products," Fahmi said.

ÊÊÊ "An Egyptian-Libyan working group would be formed within six months to lay down the strategy. The plan will run for 20 years," he added.

ÊÊÊ "Ebeid also reviewed the steps pertaining to the construction of a pipeline to pump Egyptian gas to Libya and another pipeline to transfer Libyan petroleum products to Egypt," Fahmi said.

ÊÊÊ "Investments in the two pipelines are put at $ 300 million shared between the two countries," he said.