Russian Conglomerate offers Egypt wheat to be paid for in Rubles

Egypt has received a proposal to obtain wheat shipments from Russia, to be paid for in Russian currency, ruble, Minister of Industry Mounir Fakhry Abdel Nour said.

The offer was made by the Russian conglomerate Sistema, which hopes to invest in Egypt during the coming period, the ministry said in a statement issued Saturday.

During his three-day visit to Russia to take part in St. Petersburg International Economic Forum, Abdel Nour had met with Vladimir Yevtushenkov – Sistema’s Chairman.

Abdel Nour headed Wednesday to Russia and addressed the Russian Davos event in a panel session that covered the new opportunities for investment cooperation between Russia and the countries of the Middle East.

Egypt is the world’s largest wheat importer, relying on Russia as a major source of the vital grain. The country consumes around 10 million tons of wheat annually, relying both on imports and local supply.

Meanwhile, the Egyptian minister had also held intensive talks with a number of senior Russian government officials, including Minister of Agriculture Alexander Takeshev, Dennis Masarurov, the Minister of Industry, and Viktor Khristenko, Chairman of Eurasian Economic Union, alongside representatives of major Russian companies, including Gazprom, Kamaz, and others.