Russia-based Krastsvetmet, one of the world’s largest producers of precious metals and associated products, is planning to establish a plant in Egypt’s Suez Canal Economic Zone (SCZONE) to supply raw materials for the production of nitric acid.

SCZONE said in a press statement that its officials met a delegation from Krastsvetmet in the context of the scheduled launch of the Russian Industrial Zone in Ain Sokhna.

Dmitri Obedin, Engineering Marketing Manager of Krastvetmets, said his company is aiming to build a facility to produce intermediate products used in the production of nitric acid, a major component in the fertiliser industry.

“The company aims to build a regional hub for this industry in SCZONE,” he said.

In 2018, Russia and Egypt had signed an intergovernmental agreement for the creation of a special zone in East Port Said with a simplified tax regime for Russian resident enterprises, a November 2021 report by state-owned TASS said.

(Writing by Eman Hamed; Editing by Anoop Menon)