Libya and Egypt have signed a memorandum of understanding to strengthen cooperation across the oil, gas, and mining sectors, signaling a new phase in bilateral energy relations between the two countries.
The agreement was signed between the National Oil Corporation and Egypt’s petroleum engineering company Petrojet on the sidelines of the Libya Energy and Economic Summit, which concludes on Monday. The memorandum was signed by NOC Chairman Massoud Suleiman and Petrojet Chairman Walid Lotfy, in the presence of Libyan Prime Minister Abdel-Hamid Dbaiba, Libya’s Oil and Gas Minister Khalifa Abdulsadek, and Egypt’s Minister of Petroleum Karim Badawi, according to Egypt’s Ministry of Petroleum.
The memorandum aims to open a new chapter of Libyan–Egyptian cooperation in the petroleum sector, covering a wide range of activities including exploration, production, crude oil refining, and refinery development. It also focuses on maximizing added value, enhancing operational efficiency, and expanding cooperation in the transportation of crude oil and natural gas between the two countries.
In addition, the agreement includes provisions for exchanging technical expertise, implementing joint training programs, and developing human resources to support higher production standards. It also outlines plans to strengthen cooperation in petrochemical industries and expand collaboration in the mining sector, reflecting a broader strategic approach to natural resource development.
On the margins of the summit, Prime Minister Dbaiba held talks with Egypt’s petroleum minister on ways to further enhance energy cooperation. He instructed Libya’s Ministry of Oil and Gas to activate technical and executive coordination mechanisms with Egyptian counterparts to ensure that the agreement is translated into concrete projects and clear operational programs that support the development of Libya’s energy sector.
The Libya Energy and Economic Summit has drawn wide international participation, with companies from France, the United States, the United Kingdom, Italy, and Turkey taking part. The event has also witnessed the signing of several major agreements, including a long-term 25-year development deal between the Waha Oil Company and TotalEnergies and ConocoPhillips, valued at more than $20 billion. That agreement aims to raise Waha’s oil production to 850,000 barrels per day and generate more than $376 billion in revenues for the Libyan state.
