Egypt, Libya sign MoU to boost oil, gas cooperation

Updated 1/25/2026 9:05:00 AM

Arab Finance: Egypt and Libya signed a memorandum of understanding (MoU) to deepen cooperation in the fields of petroleum, natural gas, and mining, according to a statement.

The signing came on the sidelines of the Libya Energy and Economy Summit 2026, which took place in Tripoli from January 24th to 26th.

Marking a new phase of Egyptian-Libyan cooperation in the petroleum sector, the MoU aims to enhance exploration and production, boost crude oil refining to maximize added value, and develop refineries.

It also covers cooperation in transporting crude oil and natural gas between the two countries, reinforcing Egypt's position as a regional energy hub.

Both sides agreed to exchange technical expertise and training, improve production efficiency, and advance the petrochemical industries.

Aِs he participated in the opening session of the summit, Minister of Petroleum and Mineral Resources Karim Badawi emphasized in his speech that the energy sector is a key driver of the economy, supporting various industries, including petrochemicals, mining, manufacturing, and electricity generation.

Badawi outlined the government’s strategy and future goals to increase investments to boost local production and reduce imports.

He also noted that the state is working to maximize added value by expanding its refining and petrochemical activities, leveraging Egypt’s robust infrastructure.

Currently, Egypt operates gas liquefaction plants as a unique competitive edge, Badawi said, noting that the country ranks second in Africa’s oil refining capacity, with nearly 40 million tons annually.