Egypt, Russia Sign Cooperation Agreements

Egypt and Russia signed agreements on Tuesday to step up cooperation in the energy and the agriculture sectors, with several Russian reports indicating that Cairo will soon join the Eurasian Economic Union.

“Our cooperation in the power industry is developing rapidly. In 2014, Russia supplied to Egypt more than 1.4 million tons of its petroleum products. More than one sixth of all oil production in Egypt is arranged through Russia’s Lukoil company” Russian President Vladimir Putin said after the signing ceremony. 

With the reported free trade zone agreement, Egypt would join Russia, Belarus, Kazakstan, and Armenia in the Union established in May 2014. 

Apart from agriculture and petroleum, Putin also indicated a possible cooperation for a nuclear plant, transportation infrastructure, and chemical industry.

“We are discussing the creation of a new industry in Egypt – the nuclear power industry, which involves the construction of a nuclear power station, personnel training, promotion of science and a whole range of measures that will make it possible to create a new industry in Egypt.” 

The North African country is holding negotiations to import gas. US-based Noble Energy, which is the operator of Israel’s Tamar gas field, is one of these companies.