Russia’s Sistema Eyes New Investment Potentials in Egypt

Russian oil-to-telecoms group Sistema (SSAq.L) (AFKS.MM) is reviewing potential investment opportunities in the Egyptian market, Egypt’s Minister of Trade, Industry and Investment Mounir Fakhry Abdel Nour said on Thursday.

The Egyptian minister has met with Sistema’s chairman Vladimir Evtushenkov during his recent visit to Moscow discussing the possibilities of entering the Egyptian market through a number of projects, notably in fields of exploration and drilling for oil production in the North African country. During the meeting, Evtushenkov asserted the Russian conglomerate’s keenness on investing in Egypt powered by a number of recent investment incentives announced the Egyptian government to encourage foreign investments to the country.