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Libya has announced a deal involving the development of an oil refinery and gasoline stations in Egypt, as well as a natural gas pipeline running from the Egyptian city of Alexandria to the coastal Libyan city of Tobruk. This energy agreement could boost Libyan investment in Egypt from the current $2 billion to as much as $10 billion in the next two years alone.
The deal, which is likely to be heavily financed by Eni, comes as Libya has seen an immense increase in oil revenues and a stabilizing domestic political situation, allowing it to expand its role in North Africa.
Libya is positioning itself to expand its energy resources for export purposes, particularly to Italy and the rest of Europe. It now has more breathing room to do this, as relations with the West have seen significant improvements in recent years.
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