25 October 2019
Egypt, Russia to cooperate over vegetable oils production
SOCHI - 24 October 2019: Russian vegetable oil and mayonnaise producer EFKO and Egypt’s United Oil signed a memo of understanding to jointly produce vegetable oils in Egypt in a $300 million venture.
Investments in the project are likely to increase to $1.5 billion in five years.
Trade and Industry Minister Amr Nasser and head of Suez Canal Economic Zone Yahia Zaki attended the signing ceremony on the sidelines of the first-ever Russia-Africa forum.
The joint venture will become the largest producer of fat-and-oil products in North Africa in the future.
The agreement provides for setting up joint factories for vegetables oils factory and setting up a production line for plant-based milks.
Under the agreement, a silo will be set up to store 2 million tons of grains annually and the two sides will exchange expertise over human resources developments and transfer of high technology.
The project will target the markets for bottled vegetable oil and food ingredients in North Africa, the Middle East and Southern Europe, EFKO said in a statement on its website.