Egypt is eying to have Libya export its oil from Egyptian ports with South Korea's assistance in developing the Gargoub seaport in Egypt.
The Egyptian Ministry of Transport has unveiled an agreement with the South Korean company STX to develop the Gargoub Special Economic Zone, which is located in Matrouh Governorate.
According to Egypt's transport authorities, STX will work to develop the Gargoub port and its industrial logistics zone, as well as establish grain silos for storing grain intended for both the local and global markets.
The agreement also entails the establishment of an oil pipeline from Libya to the port of Gargoub, facilitating re-exportation to Europe.
In addition, a factory will be set up to reassemble used cars imported from Korea and Japan for re-exportation to African countries.
The plan also includes the construction of a container terminal in the commercial port of Gargoub to serve goods coming from East Asia and headed to North and South America, as well as establishing a logistical base to provide shipping lines for Egypt.