November 26 , 2017 – Fort Russ News –
Russia’s project to create a ‘grain hub’ in one of the Arab countries is at the final stage of decision-making, said the Russian Industry and Trade Minister, Denis Manturov. As a site, it will serve as a logistics points for the region. The UAE, Egypt, Bahrain and Saudi Arabia are being considered.
According to the minister, the site will operate in local currency and will be focused on the supply of Russian grain to the countries of the Persian Gulf and the Middle East. The hub will have a capacity of storing 5 to 10 million tons of grain.
It is possible that a hub of this sort will be put in place in not one but two Middle Eastern countries, the minister said.
In 2017, Russia was second only to the United States in grain exports, but is close to overtaking it in the final quarter of the year. The US will be closing down its office in Egypt due to the surge of Russian grain exports.
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