Expanded Egyptian Investment Plans to Demarcate Western Maritime Borders with Libya
Egyptian President Abdel Fattah al-Sisi discussed on Thursday “current and future investment plans for research and exploration in the eastern and western regions of the Mediterranean” as part of efforts to demarcate the marine borders with Libya.
Petroleum and Mineral Resources Minister Tarik Al Mulla stressed that all “activities carried out by Egypt are in accordance with the principles and customs of international law and UN conventions.”
The reviewed plans cover the period until 2025.
About a week ago, Sisi issued a decision for demarcating the country’s western maritime borders with Libya.
The move drew protests from the Foreign Ministry of Libya's Tripoli-based Government of National Unity over the weekend.
Sis’s meeting, which included Mulla and Prime Minister Mostafa Madbouly, tackled state efforts following natural gas and oil research and exploration, said Presidency Spokesman Bassam Rady.
“Sisi ordered intensifying research efforts and expanding new exploration areas in order to achieve the optimal economic and developmental utilization of Egypt’s resources,” revealed Rady.
For his part, Mulla also reviewed the current and future investment plans in terms of gas exploration until 2025 in the eastern and western regions of the Mediterranean.
Major international energy companies are part of these plans with a total investment of about $2.1 billion, said a presidential statement.
According to preliminary results, it is expected that exploration efforts will result in promising discoveries that will support the national economy and consolidate Egypt's position as a regional hub for energy production and trading.
Thursday's meeting also discussed the development of the Soda Ash project in the industrial zone in New Alamein City, which is being implemented in partnership between the state and the private sector with a total investment of about $500 million.