Cargill to inject $10m in new investments in Egypt

EGYPT – Cargill plans to invest millions in Egypt to develop projects in agriculture, food and grain storage, and transportation logistics, said Tarek Kabil, Egypt’s Minister of Industry and Trade.

In a Feb. 12 article in Daily News Egypt, details emerged of a meeting between Kabil and Roger Johnson, Cargill’s regional director for Europe and the Middle East, to discuss the company’s projects in Egypt.

Daily News Egypt said indications are that Cargill intends to develop its grain storage projects in Daqahleya port with new investments of $10 million, which will be used to add storage capacity of 42,000 tonnes.

Cargill also intends to conduct more investments in Egypt to boost its current investments of $300 million.

Other projects on tap include the expansion of vegetable oil production in Borg El Arab, an upgrade that is expected to be complete by the end of October, according to Daily News Egypt.

Cargill has been operating in Egypt since 1994, serving the local agricultural sector through its grains and oilseeds business.

It has been involved in soybean crushing since 2004 through its majority share in the National Vegetable Oils Company (NVOC), producing crude soybean oil for the Egyptian market and supplying soybean meal to the poultry and aquafeed industry.

Cargill also has a majority share in the National Stevedoring Company (NSC) in Dekheila port, which facilitates the discharge, storage and handling of imported grains into Egypt.

February 12, 2017; http://www.dailynewsegypt.com/2017/02/12/615300/

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