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    Egypt - Russia economic relations and deals

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    George1
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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Mon Feb 09, 2015 3:36 pm

    Russia, Egypt to Drop USD, Use National Currencies in Bilateral Trade

    Russia and Egypt might soon drop the US dollar as a currency in bilateral trade and switch to their national currencies in the settlement of accounts, Russian President Vladimir Putin said in an interview with the Egyptian daily newspaper Al-Ahram ahead of his Monday visit to the country.

    The US nuclear power plant fleet will be compliant with the Nuclear Regulatory Commission's (NRC) new safety requirements by 2016, based on the lessons, learned from the Japanese Fukushima nuclear plant disaster in 2011.

    MOSCOW (Sputnik) — It is "quite natural" that business circles in both Russia and Egypt have raised the issue of the advisability of using their respective national currencies for bilateral payments, Russian President Vladimir Putin has told the Egyptian daily newspaper Al-Ahram.

    The President added that Russia already uses national currencies for trade with a number of CIS states, as well as China.

    “This practice proves its worth; we are ready to adopt it in our relations with Egypt as well. This issue is being discussed in detail by the relevant agencies of both countries,” Putin told Al-Ahram.

    Russia has recently been making an effort to switch to the use of national currencies in mutual payments with several countries including China, India, Thailand and Turkey. In December 2014, China and Russia launched swaps and forwards between the Yuan and the Rouble.

    The benefits of mutual payments in national currencies include the absence of charges for the conversion of currencies, direct payments and higher transparency between banks.

    "This issue is really being actively discussed, primarily because the tourist season will begin in Egypt soon. Evidently, the settlement of accounts in national currencies will contribute to creating more favorable conditions for millions of Russian citizens who spend their holidays annually in your country," Putin said.

    Relations between Egypt and Russia are developing rapidly, in fields including trade, nuclear energy, space, tourism and agriculture, the Russian President summed up.

    "Russian-Egyptian relations are developing rapidly. The volume of bilateral trade has increased significantly over the past years: in 2014, it increased by almost half compared to the previous year and amounted to more than $4.5 billion," the Russian President said, adding that there is potential to achieve even more impressive results.

    According to Putin, Russia provides about 40 percent of the grain consumed in Egypt. In turn, Cairo exports large amounts of fruit and vegetables to Moscow.

    Russia considers prospects in nuclear energy, the use of outer space and sharing of Russia's GLONASS satellite navigation system with Egypt "promising," according to the Russian President. Numerous Egyptian enterprises, including those in the fuel and energy sector, as well as the chemical and automotive industries, are interested in the Egyptian market.

    The Russian President highlighted the popularity of Egypt with Russian tourists; more than 3 million Russians visited the country last year.

    Egypt views Russia as a reliable partner against a backdrop of cooling relations with the United States after the deposal of former President Mohamed Morsi. Against the backdrop of sanctions imposed on Russia by the West over the events in Ukraine, Moscow's cooperation with Cairo is also seen as promising.

    The Russian President is set to make an official visit to Egypt on February 9-10.

    Read more: http://sputniknews.com/politics/20150209/1017981862.html#ixzz3RG5kb6k1

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Mon Feb 09, 2015 3:38 pm

    Russia, Egypt Sign LNG Supply Deal – Egyptian Minister

    Russian energy giant Gazprom and Egypt's national gas company have signed a deal on the supply of liquefied natural gas (LNG) to Egypt, according to Egypt's industry, trade and investment minister.

    CAIRO, February 9 (Sputnik) – Egypt's national gas company and Russian energy giant Gazprom have signed a deal on the supply of liquefied natural gas (LNG) to Egypt, the country's trade, industry and investment minister told RIA Novosti on Monday.

    "The agreement was signed on Saturday between the Egyptian [state] gas company and Gazprom on the supply of LNG shipments annually for five years," Mounir Fakhry Abdel Nour said.

    In December 2014, Egypt reached a deal on LNG imports from Algeria.

    Egypt, which relies heavily on foreign gas, has experienced difficulties in securing imports, as it currently lacks an LNG processing plant. A floating storage and regasification unit, delivered by Norway's Hoegh LNG, is set to start operating in the country in March.

    Egypt would welcome credit from Russia, but has not asked for it and will not pressure Moscow to provide it, Egypt's industry, trade and investment minister told RIA Novosti.

    "We are currently undergoing a stage of great development, we have big projects, and we want to complete them as soon as possible. We welcome any credit that Russia could provide. But we will not pressure the Russian side, as the economic conditions in Russia are very difficult. We have not asked for credit," Mounir Fakhry Abdel Nour said.

    Russian President Vladimir Putin is visiting Egypt on February 9-10 to discuss the situation in the Middle East and Northern Africa with his Egyptian counterpart.

    Read more: http://sputniknews.com/business/20150209/1017999169.html#ixzz3RG6Bei6h

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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Tue Feb 10, 2015 1:47 pm







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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Tue Feb 10, 2015 2:40 pm

    Trade, tourism & dumping dollars: Putin building bridges in Egypt

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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Thu Feb 12, 2015 12:15 am

    Ineresting
    Egypt to join Russia-led Eurasian free trade zone

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    Re: Egypt - Russia economic relations and deals

    Post  magnumcromagnon on Thu Feb 12, 2015 6:22 am

    ahmedfire wrote:Ineresting
    Egypt to join Russia-led Eurasian free trade zone

    Sounds like good news, Egypt needs a strategic Seed Bank, as well as Food Bank with a minimum 10 million tons of grain kept at a refrigerated temperature. Egyptian grain/bread prices factors heavily in to how stable Egypt is. Russia should work a deal where the grain grown in the Eurasian Union should be sold to Egypt at a fraction of world market prices, to the point where grain/bread prices are cut by 50%.

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    Re: Egypt - Russia economic relations and deals

    Post  sepheronx on Thu Feb 12, 2015 6:35 am

    magnumcromagnon wrote:
    ahmedfire wrote:Ineresting
    Egypt to join Russia-led Eurasian free trade zone

    Sounds like good news, Egypt needs a strategic Seed Bank, as well as Food Bank with a minimum 10 million tons of grain kept at a refrigerated temperature. Egyptian grain/bread prices factors heavily in to how stable Egypt is. Russia should work a deal where the grain grown in the Eurasian Union should be sold to Egypt at a fraction of world market prices, to the point where grain/bread prices are cut by 50%.

    that would be a good start. Sell it at lower than normal market price to help Egypt market. As well, this should be a good sign for Russian companies like Agricultural companies to start exporting and producing in Egypt. Egypt is a huge market and both sides can benefit from it big time. They should also start producing Kamaz or Ural trucks in Egypt. Don't know much about its mining industry, but could also sell steel at lower prices.

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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Thu Feb 12, 2015 1:32 pm

    magnumcromagnon wrote:
    ahmedfire wrote:Ineresting
    Egypt to join Russia-led Eurasian free trade zone

    Sounds like good news, Egypt needs a strategic Seed Bank, as well as Food Bank with a minimum 10 million tons of grain kept at a refrigerated temperature. Egyptian grain/bread prices factors heavily in to how stable Egypt is. Russia should work a deal where the grain grown in the Eurasian Union should be sold to Egypt at a fraction of world market prices, to the point where grain/bread prices are cut by 50%.

    Right ,huge see bank facilities is very important , Egypt has opened its National Gene Bank in 2004,it contains 1,100 accessions from 750 wild
    desert plant species , co-operation with Russia will expand our projects.


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    Re: Egypt - Russia economic relations and deals

    Post  flamming_python on Thu Feb 12, 2015 1:38 pm

    magnumcromagnon wrote:
    ahmedfire wrote:Ineresting
    Egypt to join Russia-led Eurasian free trade zone

    Sounds like good news, Egypt needs a strategic Seed Bank, as well as Food Bank with a minimum 10 million tons of grain kept at a refrigerated temperature. Egyptian grain/bread prices factors heavily in to how stable Egypt is. Russia should work a deal where the grain grown in the Eurasian Union should be sold to Egypt at a fraction of world market prices, to the point where grain/bread prices are cut by 50%.

    Sounds like Soviet economic policy for its client states. That sorta thing went a long way towards bankrupting it.

    Selling for half price.. what's next, buying for twice the price?

    If Egypt wants cheap grain from Russia, then it should commit to buying huge quantities of it every year (that much is effectively true already). Then, both sides could invest (Egyptian side can invest with the money from a Russian loan if needed) into upgrading and streamlining their logistics and transport links with each other for this type of good, and sign-off on trading large volumes, of at least a guaranteed quantity each year, based on a long-term contract; at least 15 years or so.
    That way, the cost of transporting the grain will significantly decrease, and due to Egypt committing to buying huge volumes, Russian grain producers can offer a discount to Egypt too.

    Result - Egypt will get the lower-price grain that it needs, without any funny trade terms entering into the equation.

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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Thu Feb 12, 2015 2:01 pm

    sepheronx wrote:
    magnumcromagnon wrote:
    ahmedfire wrote:Ineresting
    Egypt to join Russia-led Eurasian free trade zone

    Sounds like good news, Egypt needs a strategic Seed Bank, as well as Food Bank with a minimum 10 million tons of grain kept at a refrigerated temperature. Egyptian grain/bread prices factors heavily in to how stable Egypt is. Russia should work a deal where the grain grown in the Eurasian Union should be sold to Egypt at a fraction of world market prices, to the point where grain/bread prices are cut by 50%.

    that would be a good start.  Sell it at lower than normal market price to help Egypt market.  As well, this should be a good sign for Russian companies like Agricultural companies to start exporting and producing in Egypt.  Egypt is a huge market and both sides can benefit from it big time.  They should also start producing Kamaz or Ural trucks in Egypt.  Don't know much about its mining industry, but could also sell steel at lower prices.

    Egypt has many mining resource :
    Tantalite (48 million tons fourth largest in the world), iron ore, phosphates, salt, asbestos , quartz, zinc, tin, lead, copper etc
    Egypt export finished and semifinished some steel products and import others from Russia and other countries.

    Russia will contibute and invest alot in the new economic regions(new suez canal project) in Egypt in many fields like hydrpower energy , nuclear energy,car industry ,satellites and ofcourse seeds .

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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Thu Feb 12, 2015 2:05 pm

    Here we go,

    Egypt's plan to build a logistics hub to store, trade and manufacture grains and seeds will cost a total of LE13.1 billion, a supply ministry spokesperson told Ahram Online on Friday.

    Egypt's logistics hub for grain trade and storage to cost LE13.1 bln

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    Re: Egypt - Russia economic relations and deals

    Post  ahmedfire on Sat Feb 21, 2015 4:08 pm

    Egypt appears to be one of Moscow’s largest customers. “Two major deals signed in 2014 worth over $6.5 billion for MiG-29Ms, Mi-35s, S-300VMs, mobile coastal defense missiles and submarines, as well as the opening of the Russian helicopter maintenance center in Egypt scheduled for 2015” are the most recent transactions, he said.

    LINK

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Sun Mar 01, 2015 12:18 pm

    Transition to national currencies to boost Russia-Egypt trade — Egyptian Foreign Ministry

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Wed Mar 04, 2015 12:17 pm

    Russia, Egypt to Hold Joint Naval Drills in the Mediterranean in 2015

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Wed Mar 04, 2015 3:54 pm

    Russia and Egypt sign protocol on military cooperation

    MOSCOW, March 4. /TASS/. Russia and Egypt have signed a protocol on military cooperation Wednesday after the first session of the joint commission on military and technical cooperation.

    Russian Defense Minister Sergey Shoigu and his Egyptian counterpart Sedki Sobhi presided at the session.

    "The sides discussed the results of the military and technical cooperation in 2014 and outlined priority prospects of cooperation in this sphere for 2015," the Russian Defense Ministry’s press service said.

    An agreement on joint commission on military and technical cooperation was signed as well along with the protocol for its first session.

    Before signing the documents, Shoigu presented his Egyptian counterpart with the Pravda newspaper edition from May 15, 1964 - on that day, the second President of Egypt Gamal Abdel Nasser was awarded the title Hero of the Soviet Union.

    Sobhi’s visit to Russia will end on March 5, the Russian Defense Ministry said.

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Wed May 27, 2015 12:05 am

    Russia May Start Delivering SSJ100 Airliners to Egypt by End of 2016

    Read more: http://sputniknews.com/science/20150527/1022587449.html#ixzz3bHiI6rm7

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Tue Jun 02, 2015 10:52 am

    This would be very important shift in balance of power in middle east

    Egypt to Join Russia-Led Eurasian Economic Union in 2016

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    Re: Egypt - Russia economic relations and deals

    Post  mutantsushi on Wed Jun 03, 2015 3:13 am

    Except what is being discussed isn't "Joining the EEU" but establishing a free-trade agreement with it.
    Same with Vietnam, which already approved such a deal, that is very different than joining the EEU entity,
    which entails a common tariff on all external trade, and other "internal" rules which don't apply to mere "free trade deals".
    Actually joining EEU would be rather bizarre for Egypt or Vietnam, as vast majority of their trade is not with EEU
    (Vietnam within ASEAN free-trade zone which EEU common tariff would be incompatable with, just as Armenia EEU membship was incompatable with EU free trade deal)
    and in fact them joining EEU would make further trade deals with other countries more difficult, since Egypt/Vietnam would be included...

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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Mon Jun 15, 2015 12:28 am

    Russia, Egypt plan to sign agreement of simplified port visits procedure by yearend

    The Russian-Egyptian naval exercise Friendship Bridge-2015 in the Mediterranean entered the active phase on June 10

    ALEXANDRIA /Egypt/, June 14. /TASS/. Russian and Egypt plan to sign an agreement on simplified procedure for port visits by their ships by the end of this year, Russian deputy Navy Commander Alexander Fedotenkov said on Sunday.

    He spoke at a news conference dedicated to the results of the first Russian-Egyptian naval drills Friendship Bridge-2015 that ended on Saturday.

    "Several days ago, a joint commission ended its work and we have practically agreed the bulk of provisions of a future agreement on the simplified procedure for port visits by our countries’ ships," he said. "In August, the Egyptian part of the commission will arrive in Moscow to finalize this agreement and get it prepared for signing, which is planned at the end of this year. It is a very quick development of such a serious document."

    Fedotenkov said the development of the Russian Navy was being conducted in strict compliance with the programme of development up to the year 2050. The programme was signed by Russian President Vladimir Putin in May 2015. "We have encountered certain problems stemming from the necessity to substitute for imported equipment. But nonetheless we are keeping within the parameters planned for this year in this programme," he said. "We are finishing state trials of the Admiral Grigorovich patrol ship which is to be handed over to the Russian Black Sea Fleet after the celebrations of the Navy Day in St. Petersburg. We are building ships and boats under other projects and the works are being performed as scheduled. The Black Sea Fleet is a priroty task."

    The Russian-Egyptian naval exercise Friendship Bridge-2015 in the Mediterranean entered the active phase on June 10. The Russian and Egyptian ships drilled skills to organize air defence, search for, rescue and tug to safety a ship in distress, transfer cargoes from a helicopter on the move and inspect a suspicious ship.

    Russia’s naval group participating in the exercise consisted of the guided missile cruiser The Moskva, missile-carrying hovercraft The Samum, tanker ship The Ivan Bubnov, sea-going tug MB-31, and amphibious assault ship The Aleksandr Shabalin. Egypt delegated two frigates-The Taba and The Sharm El-Sheikh, two missile boats -The April 25 and The June 18 and the Shalatin tanker.


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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Thu Aug 27, 2015 3:02 pm

    Egypt ready to use ruble in settlements in tourism sphere — president

    MOSCOW, August 27. /TASS/. Egypt is considering a possibility to use the ruble in settlements in the sphere of tourism, Egyptian President Abdel Fattah el-Sisi told TASS First Deputy Director General Mikhail Gusman in an exclusive interview following his visit to Moscow.


    Egyptian leader offers Russian investors "best terms" in Suez Canal area

    MOSCOW, August 27. /TASS/. Egypt is ready to offer the best terms for Russian investors willing to work in the region of the Suez Canal, Egyptian President Abdel-Fattah el-Sisi, who is currently on an official visit to Russia, said in an interview with TASS.

    "Egypt implies enormous efforts for the development of the economic output and we try doing it at accelerated tempo," the Egyptian leader said in an exclusive interview with TASS First Deputy Director General Mikhail Gusman.

    "We have opened a new Suez Canal," el-Sisi said. "Somebody may think that the opening of the route will be enough. However, it is another step in the grand project on the development of the region on the whole."

    "We are allocating an industrial zone for Russia in this region," the Egyptian president said. "We are inviting Russian companies to participate and work in this region. This zone has been offered for investors."


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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Sun Aug 30, 2015 4:17 pm

    Russia Roaring Back to Business in Egypt - Media


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    Egypt, France Sign Deal on Purchase of Mistrals Initially Built for Russia

    Post  Ramos 2 on Sun Oct 11, 2015 1:59 pm

    Will or should Egypt sell back the Mistral to Russia ? Will Russia equip the Mistral for Egypt ? What could Egypt do with Mistral ?

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    Re: Egypt - Russia economic relations and deals

    Post  GarryB on Mon Oct 12, 2015 4:23 am

    The Mistral is very much a multi-purpose vessel and would be very capable in a variety of roles.

    Its main features are landing craft which allow the vessel to stand off 100km from shore to deploy land forces or stores that can be trucked further inland, it also obviously has helos which could be transport helos to supply ground forces or support a humanitarian intervention... in disaster situations lots of helos are critical for mobility where the road network might be damaged and to reach areas cut off from rail or road. With attack helos you can support a landing of ground forces or patrol a very large area for piracy or a range of other threats.

    As a hospital ship it contains state of the art operating theatres and modern medial equipment and a lot of beds... again to support landing operations, or humanitarian ops, and of course it contains the command and communications equipment to manage a wide variety of operations including anti piracy, humanitarian, landing etc etc.

    I don't think Russia is that desperate to get the vessels... I think now that they know them inside out that they could probably develop new vessels that will be better suited to their requirements... ie capable of arctic opterations, able to deploy greater distances for longer periods... perhaps nuclear powered, and of course better armed.

    Equally they are developing a new range of ground based vehicles that might need a few changes anyway.


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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Thu Nov 19, 2015 4:08 pm

    Dabaa nuclear plant to become largest Russian-Egyptian project since Aswan dam

    Russia and Egypt signed an intergovernmental agreement on building the first Egyptian nuclear plant with four power-generating units, each of them with an output capacity of 1,200 megawatts

    MOSCOW, November 19. /TASS/. Egypt's first nuclear power plant that will be built in the Dabaa district will become the largest Egyptian-Russian economic project since the times of the Aswan dam, Sergey Kiriyenko, the Director General of Russia's state nuclear power corporation Rosatom said on Thursday.

    Earlier on Thursday, Russia and Egypt signed an intergovernmental agreement on building the first Egyptian nuclear plant supposed to have four power-generating units, each of them with an output capacity of 1,200 megawatts.

    "The Dabaa nuclear plant will be the largest Russian-Egyptian project since the Aswan dam," Rosatom's press service quoted Kiriyenko. "It will mark a truly new chapter in the history of our bilateral relations."

    "The plant will make Egypt the regional leader in the field of nuclear technologies and the only country in the region that will have a generation 3+ plant," he said.


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    Re: Egypt - Russia economic relations and deals

    Post  George1 on Wed Dec 09, 2015 3:47 pm

    Moscow, Cairo to Discuss Construction of Nuclear Power Plant on January 31

    Egyptian Ambassador to Russia Mohamed Badri said that Russia and Egypt will discuss the construction of a nuclear power plant within the framework of the Russia-Egypt intergovernmental committee on January 31.

    MOSCOW (Sputnik) – Russia and Egypt will discuss the construction of a nuclear power plant within the framework of the Russia-Egypt intergovernmental committee on January 31, Egyptian Ambassador to Russia Mohamed Badri said Tuesday.

    "There are many aspects in it [the construction of the nuclear power plant] and of course it will be touched on[during the meeting of the committee]. There are a lot of nuances related to this project," Badri told RIA Novosti in an interview, answering a question on whether the construction project would be discussed during the committee meeting.

    He added that the plant was expected to be constructed according to schedule.

    Russia-Egypt intergovernmental committee is due to meet on January 31-February 2 in Egypt to discuss the development of industrial zones and trade relations between the two countries.

    On November 19, Moscow and Cairo signed an intergovernmental deal on the construction of a nuclear power plant in Egypt.

    According to the Russian state nuclear corporation Rosatom, the plant will take around 10 years to build and will be in operation for around 80 years.

    Read more: http://sputniknews.com/business/20151208/1031425665/russia-egypt-nuclear-power.html#ixzz3tpq2DUbB


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