Egypt and Russia to work on producing vegetable oils in Egypt
Russia’s EFKO, Egypt’s United Oil to set up USD 300 mn veg oil JV: Russian vegetable oil and mayonnaise producer EFKO and Egypt’s United Oil signed an MoU at the Russia-Africa summit on Thursday to set up a USD 300 mn joint venture to produce vegetable oils in Egypt, EFKO said in a statement. The JV aims to become the largest manufacturer of fat and oil products in North Africa, the statement said. The two sides also agreed to build a two mn tonne grain silo at an undisclosed location on Egypt’s Mediterranean coast.
Separately, the Russian Industrial Zone (RIZ) came up during a discussion between Trade and Industry Minister Amr Nassar and Russian Union of Industrialists and Entrepreneurs President Alexander Sokhin, with the two following up on investment projects in the USD 7 bn zone. Moscow recently committed up to USD 190 mn to develop infrastructure in the zone, which is expected to produce USD 3.6 bn worth of products by 2026.