Egypt, Libya $300 million oil and gas company

Chairman of the General Authority for Investment and Free Zones (GAFI), Mohamed Al-Ghamrawi, held talks with the visiting Libyan trade delegation on easing measures for trade exchange between the two states.

The two sides reached an agreement on upgrading joint investments for export. Joint investments would also provide career opportunities for youths in both countries, they said. Egypt and Libya decided to up their cooperation levels in maritime and air transport.

Ghamrawi said the meeting resulted in conclusion of an agreement to set up an Arab company for oil and natural gas pipelines at $ 300 million investment costs.

Chairman of the Libyan delegation, which will also attend other meetings of the 3rd session of trade exchange committee said that the new Arab company for oil and natural gas pipelines would be among the biggest investment projects between the two states.