Russia’s EFCO Group signed an agreement with the Egyptian United Oil on developing business in the North Africa and Middle East region during the recent Russia – Africa economic forum.
According to EFCO, the partnership is aimed at exploring the markets in North Africa, Middle East and South Europe in such segments as bulk and bottled oil and specialized fats.
The agreement envisages building a new special fats factory in Egypt, transferring EFCO’s know-hows, establishing a research center in Cairo, expanding bottled oil manufacturing and introducing the Group’s brands in South African markets.
The parties also intend to build a grain terminal with a 2 mn tons per annum capacity in the Mediterranean. The investment program of the joint venture is estimated to cost $300 mn. The partners expect to establish a market leader with am annual turnover exceeding $1 bn.