Egypt: Gas Exports to Europe Require Stability in Libya

Egypt: Gas Exports to Europe Require Stability in Libya
Egypt: Gas Exports to Europe Require Stability in Libya

Bassem Radhi, the Egyptian Ambassador to Rome, emphasized that “stability in Libya is a prerequisite for establishing a cooperation network between Italy, Egypt, and Libya for exporting gas to Europe.”

In a press statement, Radhi emphasized that the “Libyan elections are the essential step towards achieving peace, stability, and development in the country.”

He added that Egypt “relies heavily on its European friends, especially Italy, to put an end to the long transitional phase in Libya. This focus on stability in Libya also reflects the importance of achieving political and security stability in the region, which enhances economic and trade cooperation between countries.”

“It is important to work towards achieving stability in Libya as soon as possible, in order to exploit the country’s natural resources and export them to global markets, including gas exports to Europe. This will contribute to strengthening economic cooperation, and achieve economic and political stability in the entire region.”

Days ago, the Chairman of the African Federation of Construction Contractors Association (AFCCA), Hassan Abdel-Aziz said that over the past year and a half, Egyptian companies have signed contracts for the reconstruction of Libya worth $15 billion dollars.

In press remarks, Abdel-Aziz told CNBC Arabia that security conditions have prevented the implementation of these projects.

This came on the sidelines of the 8th edition of Builders of Egypt 2023 Forum, which opened Sunday, under the theme of “Egypt’s Propitious Momentum Towards Construction Sector Exportation Regionally.”

The event is organised by AFCCA, in collaboration with Exlnt Communications and the Saudi Contractors Authority (SCA).

Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations, each backed by rogue militias and foreign governments.

The current stalemate grew out of the failure to hold elections in December 2021, and the refusal of Prime Minister Abdel-Hamid Dbaiba, who is leading the transitional government, to step down.