Russia awaits Egyptian Parliament’s approval to divide Russian Industrial Zone
Updated 6/15/2023 10:22:00 AM
Arab Finance: Russia is awaiting the Egyptian Parliament’s approval on dividing the Russian Industrial Zone in the Suez Canal area into two parts, the Russian Ambassador to Cairo Georgy Borisenko told the Russian state news agency TASS, as reported by Asharq Business on June 15th.
In 2018, Egypt and Russia signed an agreement for the establishment of the Russian Industrial Zone in the canal area.
If approved, the amendments will include dividing the zone into two parts; one in the north of the canal near Port Said and the other south of the canal in Ain Sokhna.
This would enable the Russian producers to pick the best location for production activities, whether across the Mediterranean or the Red Sea.
The amendments will also include the possibility of allowing the producers at the zone to pump their entire production into the Egyptian market, Borisenko said.
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