Libya's oil refiner and marketer in Africa Tamoil said on Thursday it planned to invest $5 billion in three energy projects in Egypt. "Tamoil reached an understanding agreement with Egyptian authorities over the investment projects in Egypt on the sidelines of visit by President Hosni Mubarek to Libya early this week," a Tamoil official told Reuters.
The official, who declined to be named, said the projects include building a new refinery with a 250,000 barrels per day of capacity, upgrading an old Egyptian refinery and opening 500 petrol stations in Egypt. "We expect the investment projects to be worth $5 billion," the official added, without giving details about the timetable to put the projects on the ground.