Russian EFKO to establish production venture with Egypt’s United Oil

Russian vegetable oil and mayonnaise producer EFKO and Egypt’s United Oil are set to sign an agreement of intent on Thursday to jointly produce vegetable oils in the North African country in a $300 million venture.

The joint venture will become the largest producer of fat-and-oil products in North Africa in the future, EFKO said in a statement.

It will target the markets for bottled vegetable oil and food ingredients in North Africa, the Middle East and Southern Europe, the Russian company added.

Source: Reuters