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LNG project with Egypt promising — Russian agriculture minister

March 26, 2014, 19:49 UTC+3 MOSCOW
1 pages in this article

MOSCOW, March 26. /ITAR-TASS/. Russia and Egypt have agreed to carry out a project on liquefied natural gas supplies.

“Two projects are rather promising, Russian liquefied natural gas export and Rosatom State Corporation’s participation in building a nuclear power plant in Egypt,” Russian Agriculture Minister Nikolai Fyodorov said.

He spoke at a session of the Russian-Egyptian commission for trade, economic, scientific and technical cooperation on Wednesday.

In 2005 Egypt started exporting liquefied natural gas. Egypt ranks six in liquefied gas exports worldwide. Two LNG plants operate in Egypt. British Gas Group is one of the largest gas producers.

Sakhalin Energy is an operating company for the Sakhalin II project for producing Russian liquefied natural gas. The project will develop the Piltun-Astokhskoye oil field and the Lunskoye natural gas field.

Custom Union

Egypt can sign a free trade zone agreement with the Customs Union, Russia's agriculture minister said.

“We have chances to expand mutual Investments: whether we resume the work on signing free trade zone agreements with the Customs Union or we set up special industrial areas in Egypt,” Nikolai Fyodorov added.

The parameters of the free trade zone agreement with Egypt will be announced in June, he said.

“We will discuss concrete figures and sectors next week upon completion of the elections in Egypt,” Fyodorov said.

Investments can be made to expand Russia’s presence in the automobile industry, export of timber and vegetable oil. Russia seeks to take part in projects related to supplies of grain in Egypt, he said.

The ministers expressed hope that trade turnover between Russia and Egypt doubled within several years.

At present, trade between Russia and Egypt reaches about three billion dollars annually, Fyodorov said.

Egypt seeks to create industrial areas in order to build joint industrial enterprises, Egypt’s Minister of Industry, Trade and Investment Munir Fahri said.

“The signing of a free trade zone agreement with the European Union, Arab countries and East Africa helped us create such productions,” he said.

“Jointly with Russia agricultural equipment can be manufactured for Egypt’s needs and for export,” Fahri said.

The commission’s next meeting will be held in Cairo in June 2014, he said.

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