Egypt mulls building vegetable oils hub in Suez Canal with Malaysia

Egypt is planning to establish a complex for vegetable oils in the Suez Canal area in cooperation with Malaysia to supply palm oil, Minister of Supply Ali Moselhy said on Sunday.

Moselhy pointed out that the complex will make Egypt a global trading centre, as the necessary studies are underway with many foreign countries to benefit from global expertise.

The complex will be in cooperation with Malaysia to be a point for collecting oils and through which it can be exported, Moselhy said, adding the coronavirus crisis is the reason behind studying this issue.

This announcement was during a press conference held by the Ministry of Supply and Internal Trade and the Holding Company for Food Industries under the title Investment and Promotion of the Oil Industry.