Egyptian petroleum companies to participate in Libya

Undersecretary of the Egyptian Ministry of Petroleum Mahmoud Nazeem today revealed a plan for Libyan rehabilitation. The program will include a number of petroleum companies cooperating on common projects, like PetroJet, which looks forward to expanding its activities in Libya.

“The petroleum sector proved its role in providing petroleum products in the past, particularly when facing down the trafficking crisis where Egyptian money was manipulated,” Nazeem said.

The Ministry detected some traffickers stealing petrol products to be sold on the black market or smuggled to adjacent countries.

Nazeem also pointed out the increase in Egyptian production rate, which he places at 700,000 barrels daily, 65 percent of which is domestically consumed and 35 percent of which is for foreign partners.

This new production rate is in addition to a strategy designed to raise production further through the development of new barrels and the auctioning of petrol projects in the international market.