October 24, 2019 / 7:31 AM / a month ago

Russia's EFKO to set up production venture with Egypt's United Oil

SOCHI, Russia, Oct 24 (Reuters) - Russian vegetable oil and mayonnaise producer EFKO and Egypt’s United Oil plan to sign an agreement of intent on Thursday to jointly produce vegetable oils in Egypt in a $300 million venture, EFKO said in a statement.

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

* The joint venture will target the markets for bottled vegetable oil and food ingredients in North Africa, the Middle East and Southern Europe, EFKO said. (Reporting by Darya Korsunskaya; writing by Polina Devitt; editing by Susan Fenton)

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