Libya to supply oil to Egypt
Azerbaijan, Baku, March 27 / Trend, A. Taghiyeva /
Libya intends to start supplying oil to Egypt as an aid for the country's way out of the economic crisis, Chairman of Libyan National Oil Company Nuri Berruien said, the company's website reported on Wednesday.
Libya intends to supply one million barrels of oil per month to Egypt, Berruien said. He said the oil will be supplied to Egypt in a loan that the country will pay through the Libyan Foreign Bank.
Egypt, which is experiencing an economic crisis due to the revolutionary events in the country, previously was offered assistance in the form of oil and oil products supplies by Iraq and Saudi Arabia.
The Libyan National Oil Company's report said earlier that in 2012, Libya exported 379.5 million barrels of oil.
During this period, much of Libya's oil was exported to Italy - 139.8 million barrels (36.8 per cent of total exports), China - 48.2 million barrels (12 per cent) and France - 46.8 million barrels (11 per cent). Some 52.6 million barrels were directed for needs of the Libyan domestic market.
Libya is the eighth oil producer for production volume among the 12 member states of the Organisation of the Petroleum Exporting Countries (OPEC), and ranks third in Africa after Nigeria and Angola.
Libya's proven oil reserves amount to 45 billion barrels. The country's oil exports began in 2012.