Russia could create a free logistics zone in Egypt to store wheat, the two countries have said following diplomatic talks.
The North African country’s Minister of Supply and Internal Trade Ali Al-Moselhi met with Moscow’s Deputy Minister of Agriculture Sergey Levin to discuss the deal, which would initially see one million tons annually stored inside silos for Egypt and some neighboring countries.
Egypt is one of the largest wheat importing countries in the world, bringing in more than 13 million tonnes annually, most notably from Russia, Ukraine and the US.
In a statement by the Ministry of Supply and Internal Trade, Al-Moselhi said he had discussed with the Russians the possibility of establishing a joint company for grain trading in Egypt to be a nucleus for achieving stability in strategic commodities and achieving food security.
This would be not only for Egypt, but also some neighboring Arab and African countries.
The Russian-Egyptian partnership also discussed establishing tanks for edible oils, which will contribute to maximizing Egypt's strategic stock of wheat and reducing the cost of shipping as well as trading circles.
